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Shabbir Hussain Chawla President Faisalabad Chamber of Commerce & Industry (FCCI) has strongly reacted to the increase in electricity and gas rates and said that the unilateral action of PTI (Pakistan Tehreek-e-Insaf) government will almost double the cost of production instead of giving relief to the crisis ridden industrial sector.
He warned that such decisions taken without consulting stake holders will have negative repercussions on the already dwindling exports. He told that Economic Coordination Committee (ECC) chaired by Finance Minister Asad Umar has further increased the cost of electricity by Rs.2 per unit. Similarly on the direction of Prime Minster Imran Khan the Oil & Gas Regulatory Authority (OGRA) has been allowed to increase the prices of gas by 46 percent.
Chawla said that before coming into power, the PTI had categorically assured that its government will take necessary measures to cut down the production cost in addition to providing maximum relief to the industrial sector.
He said that recent decision to increase the prices of gas and electricity is contrary to the earlier promises and assurances. President FCCI said that industrialists and exporters were already facing the specter of high cost of doing business. "The rates of electricity and gas in Pakistan were already highest in the region particularly as compare to our competitors", he said and added that high cost of doing business coupled with other policy measures badly hit the industrial sector and our exports is experiencing an unending declining trends.
He told that many reputed industrial groups have been closed while many others have become sick. He told that remaining units are continuing their operation just to maintain their market repute in the international markets.
He said that closure of industrial sector has fomented unemployment which is the main cause of increase in street crimes.
He said that government alone cannot provide jobs to the increasing population and hence, it should take measures to revive the private sector on top priority basis.
Continuing, he said that it is yet another major glitch for Punjab based industry that it was getting gas at Rs.1300 per MMBTU whereas in other provinces industrialists are enjoys this cheep, safe and environment friendly fuel at only Rs.480 MMBTU. Thus the Punjab based industry is already in valuable situation as it has to compete domestically in addition to facing international business rivals.
Chawla said has demanded of Prime Minister Imran Khan to realize the gravity of the situation and direct the concerned ministry to withdraw the increase in the prices of gas and electricity otherwise collapse of industrial sector will unleash a new wave of unemployment in the country.

Copyright Business Recorder, 2018

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