PESHAWAR
Sarhad Chamber of Commerce and Industry has given a SOS call while keeping in view prevailing economic instability and uncertainty that were driven as result of anti-business and trade policies.
He urged the business community across the country to back the SCCI’s SOS call and also follow the suit to jointly fix the national economy.
Talking to different delegations belonging to trading community here at the chamber’s house on Monday, Ishaq criticized that owing to ‘flawed’ economic policies of the incumbent government, businesses, trade and exports/imports, coupled with non-opening of Letter of Credits (LCs) by commercial banks had brought negative impacts on economic growth.
On the other hand, the SCCI chief said the rising prices of electricity, gas and petroleum products, essentially hike in policy rate by State Bank of Pakistan with banks margin at 20 per cent has further aggravating the present feeble economic conditions.
Ishaq noted that the present government had made claims about putting the economy on the right track without consultation with the business community and relevant stakeholders but measures taken for improvement in the economy have yet not yielded any tangible and positive results, even though the economic situation is going from bad to worse with each passing day.
Furthermore, he observed industrialists, small traders and shopkeepers are being faced with enormous difficulties because of enforcement of ‘anti-business’ policies. He added doing business and trade has not only made it difficult but impossible in the prevailing circumstances.
The SCCI chief has foreseen that the government has planned to present a proposed ‘mini-budget’, worth billions of rupees with heavy taxes.
He predicted that prices of electricity, gas and petroleum would be further increased through the ‘mini-budget’, which was unaffordable for business, trade, industries and exports of the country.
Ishaq termed the mini-budget would be an unwise step in the present scenario and urged the government to review its decision in the best interest of the country’s economy, businesses and trade. He attributed the rising dollar rate, petroleum, gas and electricity prices as the main reason behind the current inflation and economic owes.
The chamber president criticized the government for bringing the national economy on the brink of destruction.
Despite the depressing economic conditions, he added, the government didn’t consult with the business community to fix the country’s economy. He, furthermore, warned the complete closure of industries, businesses and ending of trade as a result of present anti-business policies.
The SCCI chief made it clear that if the government didn’t review its policies and hold consultation with the business community for fixing the economy, then traders would have no other option but to take harsh and aggressive steps.
He urged the government to review its decision of the unprecedented hike in prices of petroleum products. He also demanded to bring new people in the tax net instead of further burdening the existing taxpayers with fresh taxes.
