Well-known industrialists and President Young Entrepreneurs Organisation (YEO) Syed Umer Nazar Shah, criticising the decision taken by the government regarding 31 percent increase in the power rates, has termed it as "dangerous" for the industries and said that in result of this increase more small and heavy industries would be closed down.
Talking to newsmen, he said that hundreds of industrial units had already been closed due to the continuous load shedding and enhanced rates of gas and petroleum. He said that the recent increase in the power rates had further tightened the life circle of the industry and which had now become the death warrant for it. He said that if the rates of power were not reviewed immediately, the country would further be the prey of big crisis.
He expressed these views while addressing an emergent meeting of YEO. Senior Vice President Mohsin Abbas Cheema Shaiq Javed, Mansoor Riaz and other office bearers and members of YEO were also present on his occasion in large number. He said that the anti-industry and anti-people steps being taken on the wish of IMF and World Bank were not only injuring the good will of the government but the wheel of the industry had also stopped moving.
He said that the textile sector was already under a great pressure owing to the increased rate of power and with the more increase in it achieving of export orders would become a dream because of high cost of production. He said that the foreign importers would not be willing to purchase the articles of the same quality on a higher price.
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