KARACHI: Sohail Nisar, Senior Vice Chairman, Pakistan Yarn Merchants Association (PYMA) has opposed the significant increase in electricity tariffs, declaring this move as devastating for businesses and industries.

He appealed to Prime Minister Shehbaz Sharif and Energy Minister Khurram Dastgir Khan, urging them to reconsider the decision and revoke the hike in electricity rates. He also called for implementing policies that would reduce the cost of doing business and industries.

In an appeal, he said that it was already very difficult to do business and run the industries due to high production costs. Now, with an additional increase of Rs7.50 rupees in electricity tariffs, it will further burden the economy and lead to its downfall.

“The government talks about strengthening the economy, pulling the country out of crises, and promoting business, industrial activities to create ample employment opportunities. However, on the other hand, the government is taking anti-business and anti-industry measures, which are eroding the trust of the business community in the government.”

PYMA office-bearer pointed out that the country’s revenues are continuously declining, and even foreign buyers are hesitating to place orders with Pakistani exporters due to concerns about timely delivery of goods. This fear is somewhat justified as the production costs for industries are increasing daily, while electricity and gas tariffs have also risen significantly, severely affecting industrial activities.

Copyright Business Recorder, 2023