ISLAMABAD: The Ferozepur Road Industrial Association (FRIA) has warned the high cost of doing business has been hurting the economic growth, as the inflation rate bounced back, hurting the trade and industry the most, who faced the brunt of a staggering increase in gas prices. The FRIA senior vice chairman Shahbaz Aslam said that the failure to reform the tax system is a major factor behind heavy domestic and foreign borrowings by the government. Shahbaz Aslam said that the most serious threat to the economy in the current fiscal year would be inflation, because it is already hitting economy due to continuous raise in oil prices and depreciation of local currency. Quoting the Pakistan Bureau of Statistics, he said that the Consumer Price Index surged to 29.2 percent last month compared to a year ago. DNA
