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Category: Trade & Industry

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  • FPCCI demands reducing income tax slabs to five

    FPCCI demands reducing income tax slabs to five

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday urged the government to reduce income tax slab to 5 – 7 from 11 slabs.

    FPCCI President Irfan Iqbal Sheikh proposed the simplification of personal income tax slabs down to 5 – 7 from the current 11 slabs. Interestingly, IMF has also recommended the same and can add up to Rs200 billion to the tax collection in a couple of years.

    READ MORE: Tax slabs reduction may be considered: FBR chairman

    FPCCI president said that the economic and business environment has reached a point where the business community finds the demand of imposing an economic emergency justifiable to put an end to the economic uncertainty. He added that businesses cannot operate profitably under such harsh and unfavorable conditions.

    Irfan Iqbal Sheikh emphasized that the policy rate must be aggressively brought down to 7 percent from its current level of 12.25 percent to make access to finance affordable for the private sector to keep the economic activities afloat.

    READ MORE: High interest rate to destroy economy: FPCCI

    He also noted that the step will bring down the short-term debt servicing of the government by Rs300 billion; and, provide breathing space to the government for the better fiscal management.

    Irfan Iqbal Sheikh noted with concern that the budgetary deficit is also increasing due to the incessantly loss-making State-Owned Enterprises (SOEs) and now it is absolutely imperative to reform and restructure them decisively; as their share in budgetary deficit has reached to 23 percent.

    READ MORE: Political unrest dents foreign investors’ confidence: Nisar

    He also called for an increase in FED on cigarettes and carbonated drinks to serve the dual purpose of generating revenues and protecting the general public in general and the workforce in particular from health hazards that have been unleashed on them by smoking and diabetes-causing sweetened drinks. He added that if FED is raised on cigarettes to 70 percent, Pakistan can generate up to Rs. 240 billion additional revenues.

    FPCCI President expressed his willingness to engage with the government in a consultative process to take on the economic challenges collectively in the broader national interest. However, he reiterated his stance that policies should not be announced in a vacuum without consulting the business, industry and trade community – as they are the real stakeholders.

    READ MORE: FPCCI proposes charter of economy to new government

    Additionally, he called for a pro-business federal budget 2022 – 23; enabling the private sector to invest in the economy, set up new industry, increase exports on an expedited rate, generate employment and contribute towards revenue collection in a healthy manner.

  • FPCCI proposes charter of economy to new government

    FPCCI proposes charter of economy to new government

    KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday welcomed the new government and proposed a charter of economy to forge an unflinching commitment towards economic growth.

    According to a statement issued, Irfan Iqbal Sheikh, President FPCCI, welcomed and felicitated the formation of new government and its cabinet. He said that the business community was profoundly concerned over the vacuum in the federal executive structure; which has now been taken care of after the assigning of major portfolios across the federal ministries.

    READ MORE: High interest rate to destroy economy: FPCCI

    Sheikh proposed a non-political, inclusive, sustainable and legally-binding Charter of Economy to forge an across the board contract and unflinching commitment towards economic growth, development and equality. He said that the aforementioned charter should encompass all sectors of the economy and all segments of the society. Let’s work together for a prosperous, egalitarian and industrialized Pakistan, he added.

    Expressing his optimism, Irfan Iqbal Sheikh said that FPCCI is very much positive that the incumbent Prime Minister will bring a noticeable change in the governance, administration and delivery on the back of his proven track-record to successfully implement reforms and complete wide-ranging mega projects before time.

    READ MORE: Political unrest dents foreign investors’ confidence: Nisar

    Irfan Iqbal Sheikh added that while FPCCI acknowledges the initial gains in the rupee-dollar parity & PSX, there are many immediate and pressing issues of trade, industry and the economy in the eyes of the apex chamber of the country.

    FPCCI Chief informed that credible international agencies now forecast Pakistan’s current account deficit in the Fiscal Year 2022 at $18.5 billion – which is more than 5 per cent of GDP. The new government and its Finance Minister should start an objective and inclusive consultative process with the stakeholders in the business community and take them into confidence on how and why the government will be able to manage the current account deficit.

    READ MORE: Tax slabs reduction may be considered: FBR chairman

    Irfan Iqbal Sheikh maintained that Trade Deficit has surpassed $35.4 billion in the nine months (July-March) of the current Fiscal Year 2022. FPCCI advocates tangibly incentivizing & subsidizing Industrialization, Import Substitution, IT Exports and Facilitating Small & Medium Enterprises (MSMEs) in the Export-Oriented Industries for the near-term gains, he added.

    FPCCI President emphasized that circular debt has reached PKR. 2.5 trillion and has put Pakistan’s energy security at a heightened risk. The government must ensure fuel & energy supplies to the industrial sector through an elaborate and well-communicated plan of action.

    Irfan Iqbal Sheikh noted that food inflation has crushed the masses on the back of international fuel & commodities prices and supply-side mismanagement. The government must swing into action with the assistance of private-sector to ensure food security.

    READ MORE: Political turmoil to create economic instability: FPCCI

    Sheikh, condemning the policy rate hike, said that raising the policy rate to 12.25 per cent can very well be proven as the last nail in the coffin of SMEs; which are already under dire strains due to the burgeoning cost of doing business; abysmal ease of doing business indicators; difficulties in access to finance; uncertainties in access to foreign exchange and regionally- uncompetitive costs of electricity & gas. He has demanded the immediate reversal of the policy rate hike.

    FPCCI Chief reiterated that FBR has become a notice manufacturing factory and proposed  strategic & sustainable reforms in consultation with the business community; elimination of maladministration, corruption & harassment and withdrawal of unfair notices.

  • PBC submits measures to avoid challenges confronting Sri Lanka

    PBC submits measures to avoid challenges confronting Sri Lanka

    KARACHI: Pakistan Business Council (PBC) has urged the new prime minister of Pakistan Shahbaz Sharif don’t allow the country to experience the kind of challenges confronting Sri Lanka.

    The PBC in a letter congratulated the Prime Minister and assured him of full support in tackling the challenges facing the economy.

    READ MORE: Minimum tax 0.2% suggested for listed chemical companies

    The PBC recommended the new prime minister to stem the pressure on foreign exchange reserves by reducing imports. “Don’t allow the country to experience the kind of challenges confronting Sri Lanka,” it said. In order the discourage imports, the PBC recommended raising regulatory duty on import of non-essentials. Further, as regulatory duty is impractical on fuel imports, limit import through conservation measures: work from home, early closure of commercial centers and wedding halls; rationing of fuel private vehicles.

    There are several very critical choices that your government needs to make in the next few days. Foremost amongst these is restoring fiscal prudence, stemming the pressure on the foreign exchange reserves and reviving the IMF programme. In the attached summary we have listed the immediate economic imperatives and offered our suggestions on the way forward.

    READ MORE: Proposals for capital gain on disposal of securities by insurance companies

    The PBC urged the prime minister to restore fiscal prudence by withdrawal of general subsidy on fuel. “Replace with targeted assistance through BISP,” it recommended. The council suggested to avoid further populist measures that also result in increasing the inflation.

    The PCB recommended equitable taxation and urged the prime minister for avoiding burdening existing taxpayers further. “Avoid knee-jerk revenue seeking measures that impact the long term health of the economy,” it added.

    READ MORE: FBR urged to align corporate tax rate for banks

    The PBC suggested to accelerate Federal Board of Revenue (FBR) reforms to broaden the tax base, pending which, increase the advance and withholding tax rates on non-filers.

    Review anomalies that arose from hasty changes to meet the claimed demands of the IMF: Multiple taxation of inter-corporate dividends and other anomalies in group taxation; tax credits for investment; and other exemptions that still had time to run.

    It is further suggested to phase down the inequitable minimum and advance taxes on the formal sector which raise the cost of doing business.

    READ MORE: OICCI suggests duty cut on locally manufactured cars

  • KCCI felicitates Shahbaz for becoming Prime Minister

    KCCI felicitates Shahbaz for becoming Prime Minister

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Monday felicitated Shahbaz Sharif for taking oath as 23rd Prime Minister of Pakistan.

    The leadership of Businessmen Group (BMG) and Office Bearers of the Karachi Chamber of Commerce & Industry, on behalf of the entire business and industrial community of Karachi, extended heartfelt congratulations to Shahbaz Sharif on taking oath as 23rd Prime Minister of the Islamic Republic of Pakistan.

    READ MORE: KCCI demands immediate withdrawal of policy rate hike

    In a joint statement issued, Chairman BMG Zubair Motiwala, Vice Chairman BMG Tahir Khaliq, Haroon Farooki, Anjum Nisar and Jawed Bilwani, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi and Vice President Qazi Zahid Hussain hoped that Prime Minister Shahbaz Sharif would now prioritize some of the urgent economic issues being faced by the country and pay special attention to the problems being suffered by the business & industrial community of Karachi since long. They also advised the Prime Minister to come up an effective mechanism which must ensure that every single decision or policy which directly or indirectly affects trade and industry, must devised in consultation with the business and industrial community.

    READ MORE: SBP intervention sought to stop further rupee devaluation

    They were of the opinion that the federal government has to pay attention towards some of the most pressing issues of Karachi particularly improving the infrastructure of Karachi and other serious issues like gas, electricity and water crises being faced by the business & industrial community of this city which continues to contribute a mammoth share of more than 65 percent revenue to the national exchequer, more than 95 percent to the provincial kitty and 54 percent in terms of exports despite all odds.

    In order to ensure sustainable economic prosperity, the federal government has to revisit all the policies so that the sense of deprivation felt by Karachiites and the city’s business community may be negated.

    READ MORE: Businessmen want early resolution of political uncertainty

    They stressed that PM Shahbaz Sharif must gather a team of economic experts, reliable and honest members of Business Community, who have absolute know-how of the issues on top priority from different sectors of the economy.

    The proposed team comprising of genuine representatives of business and industrial community would surely be able to prudently guide the government in formulating numerous policies directly or indirectly affecting the trade and industry.

    READ MORE: Direct flights between Pakistan, Tajikistan needed

    This step would certainly create a win-win situation and would be warmly welcomed by the entire business and industrial community of Pakistan as it was in the larger interest of the country, they added. BMG Leadership and KCCI Office Bearers extended full support and cooperation to Prime Minister Shahbaz Sharif and his team so that long lasting progress and prosperity for the entire country could be ensured.

  • High interest rate to destroy economy: FPCCI

    High interest rate to destroy economy: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday said that the recent increase in interest rate will result in disaster for the economy.

    Irfan Iqbal Sheikh, President FPCCI, has expressed his profound disappointment and concerns over an unexpected and massive hike in the key policy rate, i.e. 250 bps by the Monetary Policy Committee (MPC) of the State Bank of Pakistan.

    READ MORE: KCCI demands immediate withdrawal of policy rate hike

    He said that the business, industry and trade community is shocked; and, clueless at the same time on how to cope with its fallout on economic activities, viability of doing business in Pakistan and inevitable adverse impacts on exports – in the absence of any governmental support.

    President FPCCI added that a comparative analysis of the interest rates in Pakistan and the regional countries also show a big difference to Pakistan’s disadvantage; namely, Malaysia is at 2 percent China is at 3.7 percent; India is at 4 percent and Bangladesh is at 5 percent. He emphasized that if the interest and export refinancing rates are not decreased drastically in Pakistan, we will not be able to compete with the regional countries as well.

    READ MORE: SBP increases policy rate sharply by 250bps to 12.25%

    Irfan Iqbal Sheikh explained that the current tide of the inflation had nothing to do with the policy rate of SBP; but, it was due to the political uncertainty and lack of any direction in economic policies due to it.

    Additionally, he added, that the inflation in Pakistan has been due to supply-side disruptions and again had nothing to do with the interest rate.

    President FPCCI elaborated that it was business community’s genuine demand, even before the recent interest rate raise, that the policy rate should be gradually brought down from 9.75 percent to ensure availability of capital to businesses at lower and affordable rates. Contrary to what was needed, the interest rate has now been hiked to 12.25 percent; which will put a halt to the economic and commercial activities in the country.

    READ MORE: KATI terms sudden policy rate hike as economic disaster

    Outlining three factors, Irfan Iqbal Sheikh said that volatile rupee-dollar parity, uncertainty in political & economic environment and interest rate hike will totally crush the SMEs; as cost of doing of doing business, ease of doing business, access to capital, access to foreign exchange and remaining profitable will all be next to impossible for SMEs.

    Irfan Iqbal Sheikh said if the authorities do not interfere immediately, there will be a lot of bankruptcies, many export orders would not be fulfilled, huge loss of employment opportunities; and loss of tax revenue will follow. He has called upon the authorities to instantaneously start a consultative process with all the stakeholders to find a workable way out of the current crises.

    READ MORE: SBP intervention sought to stop further rupee devaluation

  • KCCI demands immediate withdrawal of policy rate hike

    KCCI demands immediate withdrawal of policy rate hike

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has urged the central bank to immediately withdraw the rise in the key policy rate of 2.5 per cent.

    Chairman Businessmen Group (BMG) Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Idrees, while highly criticizing the State Bank’s move to exorbitantly raise the interest rate by 2.5 percent to 12.5 percent in an emergent meeting, urged Governor SBP to immediately revisit and withdraw this irrational increase as it would prove disastrous for the economy, exports and the industries.

    READ MORE: SBP increases policy rate sharply by 250bps to 12.25%

    In a joint statement issued, Chairman BMG and President KCCI stated that the entire business & industrial community was in a state of shock to see SBP’s anti-business, anti-economy and anti-exports move which has been taken particularly in a situation when the country’s economy was not so bad. State Bank’s autonomy doesn’t mean that it was free to take such a harsh step overnight which has never happened in 25 years’ history.

    It was highly unfair to abruptly and exorbitantly raise the interest rates without bothering to hold consultation with the stakeholders, they said, adding that the Karachi Chamber, from time to time, requested Governor State Bank to visit KCCI so that numerous monetary issues and central bank’s policies affecting businesses could be discussed in detail but, unfortunately, Governor SBP has no time to discuss some of the most pressing issues being suffered by the business community of Karachi.

    READ MORE: KATI terms sudden policy rate hike as economic disaster

    They noted that last month, Pakistan’s exports recorded an increase of 29.1 percent on Month-on-Month (MoM) basis as compared to last year which clearly indicates that the export sector was performing very well but now, the increase in interest rate would have a deep negative impact on the export performance. It will be completely disastrous for the industries and future investments as nobody would come forward to set up any industry due to exorbitant interest rate and the high cost of doing business which was going to bring the survival of businesses at stake, they cautioned.

    Chairman BMG and President KCCI said that the extortionate increase in the interest rate seems like an attempt to completely shut down the industrial and export activities. Is the State Bank intending to completely block the desperately needed foreign exchange being earned through exports and bring Pakistan’s economy at par with the Sri Lankan economy, they asked and advised the SBP to compare Pakistan’s excessive interest rate with the global interest rates which, we fear, would cool down the economic activities.

    READ MORE: SBP intervention sought to stop further rupee devaluation

    They said that the decision to increase the interest rate has been taken to contain inflation but keeping in view the ground realities and the overall high cost of doing business, the business and industrial community firmly believes that enhanced interest rate would prove counter-productive by further nurturing the inflation.

    Chairman BMG said, “As leader of the business community of Karachi, I fervently demand that the decision to raise the interest rate must be revisited which is purely not in the interest of the country hence it has to be taken back while the SBP must also hold consultations with the stakeholders prior to imposing such decision directly affecting the business and industrial activities.”

    President KCCI said that the increase in dollar value was due to political turmoil, not because of poor economic performance which has not yet been suffered by impact of rising oil prices hence, the State Bank must refrain from creating more problems for the economy.

    READ MORE: Businessmen want early resolution of political uncertainty

  • KATI terms sudden policy rate hike as economic disaster

    KATI terms sudden policy rate hike as economic disaster

    KARACHI: Korangi Association of Trade and Industry (KATI) on Friday expressed annoyance over sudden 2.5 per cent increase in key policy rate by the State Bank of Pakistan (SBP) in an unscheduled meeting held a day earlier.

    KATI President Salman Aslam expressed concern over the sudden increase in interest rate by SBP by 2.5 per cent and setting the policy rate at 12.25 per cent.

    READ MORE: SBP increases policy rate sharply by 250bps to 12.25%

    He said that the unexpected meeting and decision of the Monetary Policy Committee would cause irreparable damage to the economy.

    Salman Aslam said that already due to increase in production cost, stabilization in electricity, gas and petrol prices, it is very difficult to compete with other countries in the region including India, China and Bangladesh. Salman Aslam said that increase in interest rates, export orders are also likely to be affected due to which the wheel of the industry is becoming extremely difficult to move.

    READ MORE: PKR becomes worst currency in region: KATI

    The country’s economy is already under pressure due to the political crisis. In such a scenario, the abrupt rise in interest rates by the SBP is beyond comprehension. He said that in view of such measures, there were concerns over the undue autonomy of the SBP in the business community.

    President KATI appealed to Prime Minister Imran Khan and Finance Minister Shaukat Tareen to take immediate notice of the increase in monetary policy rate. He said that due to political instability, the value of the dollar had reached an all-time high and a significant increase in interest rates was tantamount to inviting a major storm of inflation.

    READ MORE: KATI expresses concerns over rising inflation

    Salman Aslam said that the people of Pakistan and the business community could not afford further inflation. He said that industrialists and traders were facing economic crisis and raising interest rates above 12 percent would completely destroy industries and exports of the country. Expensive bank loans will further increase the cost of production.

    President KATI also appealed to the Governor SBP to immediately reverse the interest rate hike in the best interest of the economy.

    READ MORE: KATI strongly criticizes hike in petroleum prices

  • Foreign investors spend Rs14.5 billion on CSR activities

    Foreign investors spend Rs14.5 billion on CSR activities

    KARACHI: The foreign investors operating in Pakistan have spent around Rs14.5 billion on activities under Corporate Social Responsibilities (CSR) during the year 2020/2021, a statement said on Thursday.

    The foreign investors, who are members of the Overseas Investors Chamber of Commerce and Industry (OICCI), like previous years, once again reaffirmed their commitment to uplift the Pakistani society from all aspects and invested Rs14.5 billion in different CSR and Sustainable projects during 2020-21, stated in a press statement issued for sharing the highlights of OICCI Corporate Social Responsibility (CSR) Report 2020-21.

    READ MORE: OICCI organizes Women Empowerment Awards

    About 100 of the leading foreign investors and members of OICCI continued to stand by the government to fight the pandemic of COVID-19 besides carrying out their several CSR initiatives which benefit the marginalized communities across the country.

    The CSR activities of OICCI members do not only include monetary contributions but the intellect and time of their employees as well which develop sustainable and long-term projects across Pakistan with the underlying commitment to uplift the underprivileged strata of the society through different means.

    President OICCI, Ghias Khan, commended the unparallel commitment of OICCI members who are inspiring the corporate sector alike to invest in the society besides introducing latest technology and skills transfer for the local population.

    READ MORE: Ghais Khan elected OICCI president

    “The OICCI members keep on enhancing the CSR fabric through a proactive engagement between business and all stakeholders in the society which results in model CSR initiatives and Sustainability practices, largely in line with the United Nations Sustainable Development Goals (UN SDGs) to meet the growing needs of the society”, Ghias added.

    Vice President OICCI, Amir Paracha, highlighted that the annual CSR Report 2020-21 reflects the feedback from about half of OICCI membership who have shared their CSR activities. This year total CSR contribution was PKR 11 billion, which benefited about 34 million direct beneficiaries across the country. OICCI members and their colleagues spent around 1.4 million man-hours and partnered with 160 social and development sector organizations throughout Pakistan. The geographic distribution of the CSR activities has been 31 per cent in Sindh, 27 per cent in Punjab, 15 per cent in Khyber Pakhtunkhwa, 13 per cent in Baluchistan, 8 per cent in Gilgit-Baltistan, and 6 per cent in Azad Kashmir.

    READ MORE: OICCI expresses dismay over FBR action against mobile operator

    The COVID-19 continues to be a challenge for businesses throughout the world. Our members showed exceptional leadership and resilience in the fight against COVID-19. During the year, 90 per cent of our participant-members contributed about PKR 3.5 billion to various causes to fight the pandemic.

    Protecting Environment is one of the areas which is getting growing attention recently. 69 per cent of our participant-members carried out environment related pursuits and spent about PKR 1.5 billion for the purpose of protecting environment.

    With respect to specific UN SDGs, 79 per cent of the OICCI members focused on health and well-being, and actively supported health and nutrition related initiatives through donations to reputable hospitals, medical care camps and health awareness campaigns.

    READ MORE: OICCI members pay one third of total tax collection

    Moreover, 73 per cent of members contributed to Quality Education by funding primary and secondary school facilities, scholarships, and various vocational training programs for skills development. Gender Equality is also one of the focus areas where more than half of our participant-members supported the women empowerment activities and actively supported the “OICCI Women” initiative in place since 2017.

    OICCI is the collective body of top 200 foreign investors in Pakistan, belonging to 35 countries, who are also the largest contributor to the economy of Pakistan besides being the largest foreign investors.

  • PKR becomes worst currency in region: KATI

    PKR becomes worst currency in region: KATI

    KARACHI: Korangi Association of Trade and Industry (KATI) has said that the continuous depreciation in Pakistan Rupee (PKR) against the dollar made it the worst currency in the region.

    In a statement issued on Wednesday, Salman Aslam KATI President said that the value of the dollar was continuously rising which has made the Pakistani rupee one of the worst currencies in the region while raising fears of a severe surge of inflation in the country.

    READ MORE: KATI expresses concerns over rising inflation

    Political instability has cut off domestic and foreign investment, which is a matter of great concern. Salman Aslam said that the value of the dollar has reached a historic high of Rs 186 which is detrimental to the economy.

    He said that the countries whose currencies had depreciated so fast in the world were on the verge of collapse and those governments have failed to rebuild their economies.

    In such a case, it becomes the responsibility of the SBP to intervene realizing the gravity of the matter and stopping the diminishing value of the rupee.

    READ MORE: KATI strongly criticizes hike in petroleum prices

    President KATI said that the political leaders of the nation should also work for reconciliation for the sovereignty of the country and the nation instead of political confrontation otherwise Pakistan could not afford to face further economic crisis.

    Salman Aslam said that the historical rise of the dollar and the economic crisis are first and foremost hurting trade and it has become very difficult for exporters to compete in the world.

    READ MORE: Korangi Association flays key policy rate hike

    President KATI expressed concern that if the situation continues like this, the fear of high inflation, unemployment, and chaos is increasing. He appealed that the sovereignty of Pakistan shall not be compromised and the economy must be saved by finding immediate solutions to the problems.

    Salman Aslam also appealed to Governor SBP to play his role in preventing rupee depreciation on an emergency basis.

    READ MORE: Around 65,000 industry workers vaccinated: KATI

  • SBP intervention sought to stop further rupee devaluation

    SBP intervention sought to stop further rupee devaluation

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) Tuesday urged the central bank to immediate intervene in to stop further devaluation of Pakistan rupee (PKR).

    In a statement KCCI President Muhammad Idrees expressed deep concerns over continuous devaluation of rupee against dollar as the foreign currency hit a new all-time high by crossing Rs186.

    READ MORE: Dollar continues record spree against PKR; hits 185.23

    He urged the State Bank of Pakistan (SBP) to play its role and devise effective strategy to stop further devaluation rupees which was having a deep negative impact on the economy, particularly the inflation.

    “Although the experts are attributing the rupee devaluation to political uncertainty but the SBP, being the regulator, has to play a role otherwise, it will create a lot of problems for the economy which is sinking as it faces a lot of challenges due to widening current and fiscal deficits,” he said.

    READ MORE: Businessmen want early resolution of political uncertainty

    Muhammad Idrees said that rising dollar against rupee was raising the cost of doing business, making Pakistani goods uncompetitive in the export markets and unaffordable for common man at the local markets as the impact of rising dollar value is usually passed onto end-users.

    He said that it has to be understood that the share of exports in GDP stood at around 10 percent while the rest of 90 percent was local trade and imports hence the devaluation is hurting and has reached to a level where it has become unbearable.

    “Due to lack of effective price control mechanism, an abnormal upsurge has been witnessed in the prices of almost all the commodities of household usage which have to be controlled to ease the already overburdened and miserable life of the inflation stricken common man,” he stressed.

    READ MORE: Direct flights between Pakistan, Tajikistan needed

    “Severe devaluation of rupee has raised the cost of doing business and fostered the inflation, therefore, it is really crucial to review the current strategies being pursued by the regulator,” he reiterated.

    President KCCI feared that the economic crises including energy crises, devaluing rupee against dollar and rising trade deficit etc. would push the economy to a point of ‘no return’ and may even put Pakistan’s survival at stake. “All the efforts made to maintain GDP growth of 5 percent plus will go wasted if the ongoing political uncertainty continues for long period.”

    READ MORE: Withholding tax should be on income: FBR Chairman

    He stressed that the emerging situation has to be efficiently addressed and handled very carefully otherwise, the excessive devaluation will continue to increase the cost of doing business, which would terribly affect the industrial performance, raise unemployment and open the floodgates of inflation, particularly for the middle and lower segments of the society, besides making the already poor poorer due to unbearable inflation.