AIRLINK 194.83 Decreased By ▼ -3.14 (-1.59%)
BOP 9.81 Decreased By ▼ -0.23 (-2.29%)
CNERGY 7.36 Increased By ▲ 0.07 (0.96%)
FCCL 38.58 Increased By ▲ 2.58 (7.17%)
FFL 16.45 Decreased By ▼ -0.46 (-2.72%)
FLYNG 27.54 Increased By ▲ 2.50 (9.98%)
HUBC 131.75 Decreased By ▼ -2.28 (-1.7%)
HUMNL 13.86 Decreased By ▼ -0.28 (-1.98%)
KEL 4.66 Decreased By ▼ -0.12 (-2.51%)
KOSM 6.66 Decreased By ▼ -0.28 (-4.03%)
MLCF 45.39 Increased By ▲ 0.41 (0.91%)
OGDC 213.99 Decreased By ▼ -4.24 (-1.94%)
PACE 6.86 Decreased By ▼ -0.08 (-1.15%)
PAEL 40.06 Decreased By ▼ -1.36 (-3.28%)
PIAHCLA 16.79 Decreased By ▼ -0.07 (-0.42%)
PIBTL 8.32 Decreased By ▼ -0.14 (-1.65%)
POWER 9.43 Increased By ▲ 0.04 (0.43%)
PPL 182.19 Decreased By ▼ -3.74 (-2.01%)
PRL 41.83 Increased By ▲ 0.56 (1.36%)
PTC 24.56 Decreased By ▼ -0.21 (-0.85%)
SEARL 102.53 Decreased By ▼ -2.12 (-2.03%)
SILK 1.00 Decreased By ▼ -0.01 (-0.99%)
SSGC 39.44 Decreased By ▼ -1.47 (-3.59%)
SYM 17.33 Decreased By ▼ -0.72 (-3.99%)
TELE 8.76 Decreased By ▼ -0.15 (-1.68%)
TPLP 12.75 Decreased By ▼ -0.09 (-0.7%)
TRG 65.40 Decreased By ▼ -1.20 (-1.8%)
WAVESAPP 11.11 Decreased By ▼ -0.19 (-1.68%)
WTL 1.70 Decreased By ▼ -0.08 (-4.49%)
YOUW 3.94 Decreased By ▼ -0.06 (-1.5%)
BR100 11,988 Decreased By -121.3 (-1%)
BR30 36,198 Decreased By -400.2 (-1.09%)
KSE100 113,443 Decreased By -1598.8 (-1.39%)
KSE30 35,635 Decreased By -564.3 (-1.56%)

KARACHI: Chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain, said that the manufacturing sector’s future has become bleak due to high electricity rates and taxes.

Many industrialists are investing their resources and profits in trading and gradually withdrawing from manufacturing, which is dangerous for the country’s future, he said.

He said that the power sector has become a problem that is pushing the economy into a quagmire, resulting in investors fleeing the country. At present, the electricity sector is losing trillions of rupees annually, but the employees and officers working in it have become very rich due to rampant corruption.

Mian Zahid Hussain said that governments had made generous agreements with IPPs, but people and businesses are facing its impact. He noticed that people pay for electricity they don't use and for exemplary electricity sector corruption.

Mian Zahid Hussain said that the consumption of electricity in the country is continuously decreasing while the theft is increasing, and if the system goes down, the profit of IPPs will also end.

All stakeholders should resolve this issue for the country’s economic recovery, and no sector should profit at the nation’s expense going forward.

He noted that unless the IPPs and the government make a fair and amicable agreement, the situation will only worsen. In his opinion, the current situation is detrimental for IPPs because their payments are unbearable. Currently, we need to strike a balance between the interests of electricity producers and consumers, but unfortunately, Nepra is not prepared to contribute positively in this area.

According to Mian Zahid Hussain, the heinous role of IPPs exposes the need for an immediate ban on the establishment of new IPPs, the extension of their contracts, and the equalisation of these power plants' tariffs with those of neighbouring countries.

He further said that a few years ago electricity was available at less than Rs15 per unit, but now, due to severe inflation, the common man has to pay more than Rs60 per unit. If the owners of private power plants continue to lack flexibility, the situation could potentially shift in either direction.

Copyright Business Recorder, 2024

Comments

Comments are closed.

KU Sep 25, 2024 10:43am
Bleak future or humanitarian crises does not scratch sense of govt, they are too busy in game of thrones n don't care about people.
thumb_up Recommended (0)