President of Korangi Association of Trade & Industry (KATI), Sheikh Umer Rehan has urged the prime minister and the governor State Bank of Pakistan to immediately decrease policy rate for the sake of survival of industry in the country.

He said that due to higher interest rate the industry couldn't thrive, as it is already struggling the higher cost of production and others woes. He said that due to higher cost of production our industry has already lost its ground in international competitive market and because of higher policy rates industry was facing liquidity and other financials hurdle in the way of its survival.

He urged the prime minister and governor SBP Reza Baqir to immediately take measures to resolve this issue.

Senator Abdul Haseeb Khan was of the view that higher interest rates were aggravating the phenomenon of deindustrialization in the country which could be a biggest challenge for our economy.

Due to international economic slowdown after spread of coronavirus, he said that our exports and industry in Pakistan would also suffer the burnt.