HCSTSI lauds PM for introducing ‘blue passport’ & ‘honorary card’

HYDERABAD: Muhammad Farooq Shaikhani, President Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), lauded the Prime Minister of Pakistan, Shehbaz Sharif, for introducing the blue passport and honorary card.

He emphasized that this government initiative will invigorate traders and industrialists, while also commending the decision to confer honorary ambassador status upon top performers in each tax submission category.

He highlighted the significant challenge Pakistan faces in tax collection and in integrating new businessmen and industrialists into the tax system. However, he expressed optimism that the government’s recent measures reflect a prioritization of the business community’s role in bolstering tax revenue.

Chamber President Farooq Shaikhani emphasized the necessity for the government to initiate a comprehensive review of electricity, gas and petrol prices in light of its efforts to drive industrial advancement within the nation. He pointed out that the incessant monthly increases in prices not only render key industries uncompetitive in the global market but also contribute to the steady exodus of industries from Pakistan to other countries.

Shaikhani warned that sustained escalation in electricity, gas, and petrol prices will ultimately deter industrialists from establishing new ventures within the country, posing a serious threat to Pakistan’s business landscape.

He underscored the predicament of Pakistan’s economy, entangled in a web of debts and reliant on acquiring new loans to service existing liabilities. This financial strain has curtailed the government’s autonomy in implementing policies conducive to fostering an industrial revolution.

He lamented that the Independent Power Producers, in concert with NEPRA, have effectively held the government’s policies hostage, resulting billions of rupees in exorbitant annual expenditures on electricity for both citizens and traders. Moreover, he criticized the inefficiency and lack of accountability within the Sui Southern Gas Company and Sui Northern Gas Company, which has led to a staggering circular debt in the gas sector, now standing at 2100 billion rupees. This burden is unjustly borne by the populace and business community through relentless price escalations, exacerbating economic challenges.

HCSTSI President emphasized that the provision of essential utilities such as electricity and gas is paramount for industrialists to establish and sustain their enterprises in Pakistan. Without these basic amenities, both new and existing industries would struggle to operate efficiently. Consequently, stagnation in industrial activity would hinder the growth of exports, perpetuating the imbalance between exports and imports. This, in turn, would leave Pakistan susceptible to external pressures imposed by its substantial debt obligations, necessitating careful economic decision-making.

Copyright Business Recorder, 2024