Pakistan Industrial and Traders Association Front (PIAF) has said if government fails to give a realistic framework in the upcoming budget, the business atmosphere in the country would further deteriorate. The PIAF Chairman Sohail Lashari in a statement on Tuesday said the country is passing through a very critical time of the history.
A series of crisis have shattered the economy. And only out-of-box solution to these multifaceted crises could help revive confidence of the business community, he said. He urged the government to ensure some relief to the business community in the upcoming budget.
He said that in the mid of last year, devastating floods gave a big blow to the economy, while deteriorating law and order situation has now pushed us to the wall. He said that more than 8,141 terrorism incidents took place in the country from 2000 to 2010 killing thousands people, while the economy as whole suffered a loss of more than 60 billion dollars.
The PIAF chairman said that there was a sharp decline in the foreign investment due to bad law and order situation, while huge energy crisis has a crippling effect on the industrial activities in the country and industrialists were facing the threat of bankruptcy. More than 30 thousand industrial units have close down their operations due to energy shortage left thousands industrial workers jobless.