Lahore
\nThe Ferozepur Road Industrial Association (FRIA) has stressed the need for undertaking economic reforms and improving the regulatory environment so that financial stability can be achieved in the long-run.
\nThe newly-elected chairman of FRIA Shehbaz Aslam, in a statement issued here on Saturday, stressed the need for reducing cost of doing business, besides evolving a new price control mechanism, as huge taxation, rising oil prices and constant jump in electricity and gas tariffs have lifted the cost of production to a new high.
\nHe warned that bailout packages from the IMF were unlikely to speed up economic growth, as the political instability and lack of reforms would further deteriorate the financial situation in the country.
\nThe Chairman warned the authorities that high inflation can hurt economic growth and a careful policy is required to keep it in control. He said that the pace of inflation is skyrocketing at a time when the economic activity is slowing down.
\nShahbaz Aslam said that the anti-business policies would prove detrimental to the industries due to high cost of doing business and will also open the floodgates of inflation. In addition to making the electricity bills costlier and unaffordable for the consumers, the hike in base tariff would escalate prices of all household goods being widely used in every household, he added.
\nHe termed the constant increase in tariffs unlawful and a violation of NEPRA\u2019s own rules and regulations, as any increase in tariff has to be determined and implemented only after holding public hearings but unfortunately they have solely decided to raise the tariff without holding public hearings, he argued.
\nHe condemned the National Electric Power Regulatory Authority\u2019s decision to increase electricity tariffs on daily basis, stating that the burden of power theft, mismanagement, and inefficiencies cannot be shifted to consumers on the pretext of fuel adjustment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Lahore The Ferozepur Road Industrial Association (FRIA) has stressed the need for undertaking economic reforms and improving the regulatory environment so that financial stability can be achieved in the long-run. The newly-elected chairman of FRIA Shehbaz Aslam, in a statement issued here on Saturday, stressed the need for reducing cost of doing business, besides evolving […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-448080","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n