Leader of Business Community and President of India-Pakistan Chambers of Commerce and Industry (IPCCI), S M Munir, has suggested that the government should hand over loss making organisations to the private sector. Speaking at a meeting of Pakistan Tanners Association (SZ), he said that the private would operate these units efficiently and these units' losses will become zero in just one year.
For running of the units, he put forward the suggestion that a group of 10 to 12 leading businessmen should be formed to run PIA, Railways, Steel Mill and other government organisations. He said that the government has no plans to bailout these units from losses, and added that these units were eating up huge revenue of the government in the shape of subsidy.
Referring to the prevailing economic turmoil, Munir said that the government has printed huge quantity of currency notes to meet its expenses, and added that if this trend continued in future it would further result in increasing inflation, and prices of all commodities would go up.
He said that industries in the country are in critical state. A number of units have already closed down; remaining are operating on below capacity, facing power and gas load shedding. He said that declining law and order condition, increased tariffs of power and gas, high mark-up rates, among others, are a few constraints in which industries are operating.
Referring to coming monetary policy, Munir expressed view that mark-up rate would further go up. Mark-up rates in Pakistan are already highest as compared to other countries in the region, he added. He lashed out the new Employees Oil Age Benefit Institution (EOBI) chief and said that EOBI should stop conducting raids on units and sealing factories. Industries are already operating in crisis and these raids may force them to close permanently.
He said that the finance minister has no time to meet business community and discuss issues. Several times he promised to meet, "but promises always remain promises". Senator Abdul Haseeb Khan advised business community to send their problems and suggestions for improving economic condition in the country so that they should be taken up in the Senate.
He said that he represents business community in Senate and his position provides facility to business community to agitate their issues and problems at Senate level. A former chairman of PTA, Gulzar Feroz, said that a meeting with federal finance minister hopefully will be held with business community on January 22 at Federation House. He congratulated Munir on his re-election as President of I-PCCI. PTA Chairman (SZ), Dr Aziz Ahmed, highlighted various issues faced by tanning sector.
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