FAISALABAD: Sudden and unnecessary holiday on Youm-e-Takbeer is not only contradictory to the economic revival agenda of the present government but would also shatter the confidence of the business community, foreign investors, traders and exporters in addition to disrupting the supply chain.

Mian Farrukh Iqbal, Chairman Pakistan Hosiery Manufacturers & Exporters Association (PHMA) North Zone said that the current situation has necessitated dedicated efforts to stabilize the economy but the sudden announcement of holiday has fomented uncertainty which also disrupted supply chain and its negative impacts may continue to haunt for weeks.

He said that this holiday incurred financial losses to the tune of 1.1 to 1.3 billion dollars.

“The major victim of this holiday was exports,” he said and added that shipments were delayed creating an embarrassing situation for the exporters. He further said that Eid-ul-Azha is falling during next month and more long holidays are expected which would further break down the production system directly affecting the exports.

He said that this situation would be critical for the daily wage earners who would be deprived of bread.

Farrukh said that the government is claiming efforts of economic revival but the holidays have negated their much-trumpeted slogan. He said that the government must clearly announce to cut down the existing holidays and give a clear message to the employers and employees to work tirelessly to attain economic prosperity.

Copyright Business Recorder, 2024