KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has feared that if government did not come to rescue the industrial sector, most of the industrial units would default on their payments of loans.

"The economic crisis in the country has made it hard for the industrial sector to operate smoothly and needs immediate supportive steps on part of government", president FPCCI, Sultan Chawla said Saturday. He expressed satisfaction over the meeting between advisor Finance and business community and said advisor assured to remove the anomalies in the budget 2009-10. "Government will take into consideration the suggestions of business community to bring necessary amendments in the budget", he hoped.

About the non-performing loans of the banks, He said that government assured to form a committee about the non-performing loans of the banks related to industrial sector on the request of FPCCI.

Advisor Finance, Governor State Bank of Pakistan, officials of Ministry of Commerce and representatives of FPCCI will be members of the said committee.

Chawla said that advisor assured to take up the issues concerning duty drawback, zero-rated facility and Afghan Transit Trade in the next meeting in July.

About the tax on agriculture sector, he said agriculture sector was not a sacred cow that should not be taxed and added that if we want to progress, this sector should also be brought into tax net.

He said meeting with finance advisor was encouraging and if all decisions, taken in the meeting were implemented in letter and spirit, there would not be any anomaly in the budget for the business sector. staff report.