‘Despite lowest inflation, people are still deprived of significant relief’

KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain said that despite the country’s lowest inflation, the people are still deprived of significant relief.

He remarked that the unjustified price surge has affected everyone, even during the sacred times of Ramazan and Eid.

He said that traders suffered billions of rupees in losses during Eid due to a decline in people’s purchasing power. The profiteering mafia has become a threat to the people and a big challenge for the government.

He added that the reason for the lack of reduction in inflation is the greed of the middleman, which the Federal Finance Minister has also acknowledged. However, despite government measures, problems still exist, taking a toll on the masses.

He said that unholy alliances, collusion, and artificial shortages against the people have become the norm among those trading in essential commodities, for which the people are paying a heavy price. In this regard, the central and provincial governments need to formulate a coordinated strategy, he underlined.

He observed that inflation is decreasing all over the world, and people in other countries are also benefiting from it, but nothing like this is happening in Pakistan, which is regrettable.

Mian Zahid Hussain said that the system of price control, healthy competition and discouraging cartels is highly ineffective, in which the incompetence of the relevant institutions is not out of the question. Until the government controls this mafia, all efforts to provide relief to the people will be in vain.

He said that other reasons for inflation include excessive dependence on imports, severe depreciation of the rupee, and looting of IPPs, which can be controlled by continuing sound economic policies. Political instability has been reduced to a considerable extent, and the government’s economic planning is also improving. The tax system in Pakistan needs to be improved so that the rich can be prevented from getting richer and the poor from getting poorer.

Mian Zahid Hussain appreciated the successful Mines and Minerals Conference held recently in Islamabad and said that if policies are consistent, investors can gain confidence, and investment can increase.

Production is increasing in Pakistan, and the market balance is also improving, but electricity in the country is more expensive than in the US and Europe, while the people’s income is less than that of poor countries. In this situation, preparations are also being made to increase the gas price, which is dangerous for industry and trade.

Copyright Business Recorder, 2025