Chairman, Korangi Association of Trade and Industry (KATI), Syed Johar Ali Qandhari has expressed hoped that the country may be out of economic crises if government adopted 50 percent of their budget proposal in forthcoming budget.
He said that the country facing serious economic crises, industries are on ventilator and industrialists shifting their units abroad in present war like conditions in the country.
He said that every year government makes tall claims of presenting business friendly budget but when SRO start pouring in all hopes vanished in a go.
He expressed that if corporate tax increased in the forth-coming budget it may have serious repercussion.
Due to power crises economic growth has slowed down whereas Pakistan facing hard competition in international market owing 37 percent higher utility charges as compared to its competitors. The government has increased gas tariff by 87 percent and power tariff by 108 percent in a very short span of time.
He said that the government has no long term plan to overcome electricity shortage and all the plans prepared are on an adhoc basis.
He noted that India producing around 30,000 MW power from wind. Pakistan has enormous potential of wind power generation and suggested that Badin and Sajawal sites can be used for wind power generation. Country also has huge coal reserves, which can be used for generating electricity. However no practical and visible work is in progress on these potentials, he added.
Qandhari said food inflation prevailing at 17.7 percent and added that people have to incur 40 percent of their income on food.