LAHORE: Patron-in-Chief United Business Group (UBG) S M Tanveer has demanded Federal Finance Minister Senator Muhammad Aurangzeb of reducing power tariff to 9 cents/kWh and a mark up to 15% to witness growth in the national economy in terms of exports, investment and employment.

“These two steps would stimulate the industry with positive vibes” he said.

He was talking to the minister during his visit to the regional office of Federation of Pakistan Chambers and Commerce and Industry (FPCCI). Saquib Fayyaz Magoon, Acting President of FPCCI, Dr Gohar Ejaz, former Caretaker Federal Minister for Commerce, Industries, Investment & Interior, and Chairman of National Economic Think Tank, Zaki Aijaz, Regional Chairman and Vice President FPCCI were also present on the occasion.

“The business community can generate taxes only if it is allowed to earn,” he stressed and added that a business-friendly environment can let the industry and trade grow to generate revenue.

He said there is no justification of exorbitant interest rates at 20.5 percent when the inflation has already come down to 12% in the country.

He stated that providing the industry with electricity at a rate of 9 cents/kWh would result in an increase of six billion dollars in exports, an additional demand of over 300 megawatts on the grid, revenue of Rs. 500 billion, and a reduction of Rs. 240 billion in debt servicing. He suggested to the finance minister to divert 240 billion rupees from PSDP to fulfil this cause.

Copyright Business Recorder, 2024