An increase of Rs 1.5 billion in trade deficit in a period of five months is a matter of grave concern, as on the one hand this increase is bringing price-hike while on the other hand leaving a negative impact on rupee value. Pakistan Industrial Associations Front (PIAF) Vice-Chairman Mian Abuzar Shad said this in a statement issued on Tuesday.
He maintained that huge increase in import bill is mainly because of oil and wheat import because a sharp rise in the oil prices at international market has been witnessed in the recent past. Therefore, the government should take immediate measures to control trade deficit.
Mian Abuzar Shad said that immediate construction of new water reservoirs, including Kalabagh Dam, is only way to increase wheat production and cut dependence on oil.
He said that by constructing new reservoirs we would get cheap power, apart from catering to our agricultural needs. He urged Prime Minister Shaukat Aziz to get work on Kalabagh Dam started as early as possible in the larger interests of people of Pakistan.