Industrialists of Lahore Township Industrial Estate (LTIE) have strongly criticised the increase in mark-up rate by 0.5 percent and said that the hike was bound to hit the new investments hard.
At an emergent meeting of LTIE held here on Friday, the LTIE Chairman, Chaudhry Zaheer Bhutta, Association Vice Chairman, Shahzad Mughal, Vice Chairman, Khalid Mehmood Chohan, PIAF Vice Chairman, Iqbal Baig Chughtai, LCCI former EC member, Haroon Shafiq Chaudhry and Nasrullah Malik took a strong exception to the State Bank of Pakistan (SBP) decision.
Bhutta said that the SBP has adopted a wrong way of dealing with inflation. He said that the cost of doing business has been increased that would ultimately hit the economic growth. He said that at this point in time when both the trade and industry were in dire need of some package of incentives, the decision would prove only counterproductive to economic recovery. He said that the cost of doing business in Pakistan was already unmatchable.
He said that the business community had been demanding lowering of interest rate for sake on new investments that were going down with every passing day. "It would have been a great service to the country in general and to the economy in particular if the SBP had decreased the rate of interest." He said that move is totally against the expectations of business community.
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