ISLAMABAD
\nThe Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Friday that significant reduction in electricity prices across the country by Prime Minister Mian Shahbaz Sharif\u2019s is a highly laudable step.
\nHe highlighted the significant benefits of the reduced electricity prices, stating that it will relieve the public and the business community, make industrial production cheaper, and increase exports by two to three billion dollars. Mian Zahid Hussain said that increased industrialization will also reduce unemployment, an Eid gift for the nation.
\nTalking to the business community, the veteran business leader said that electricity has been made cheaper by Rs 7.41 per unit for domestic consumers. In contrast, the price of electricity for industries has been reduced by Rs 7.59 per unit. He added that convincing the IMF to agree to such a substantial reduction in electricity tariffs was formidable, underscoring the government\u2019s unwavering commitment to this cause.
\nMian Zahid Hussain said that the government should increase pressure on IPPs to further reduce electricity prices, improve the transmission and distribution system, take steps against corruption, stop the theft of electricity worth Rs 600 billion, and encourage renewable energy instead of discouraging it.
\nThe business leader stressed that the government should swiftly eliminate monopolies in the electricity sector, sell off the DISCOS, and implement other necessary reforms. According to the Prime Minister, the government is saving Rs 3696 billion through negotiations with IPPs, which is encouraging.
\nHowever, he said, we have to advance industrialization, encourage the establishment of new industries, and make a strategy for expansion in old industries so that surplus electricity can be used and the burden of capacity payments can be minimized.
\nMian Zahid Hussain said that the circular debt has also reached Rs 2393 billion, which is detrimental to the country\u2019s economic future. The expensive electricity is a burden for the public and businesses and has been an obstacle to economic development for decades.
\nHe said it is impossible to make electricity cheaper without eliminating circular debt, rooting out electricity theft, stopping corruption, and involving the private sector in the distribution of electricity.
\nHe warned that industry and agriculture will not be able to develop as needed until the price of electricity is at par with neighbouring countries, and this sector will continue to impact economic development and competitiveness negatively.
\nMian Zahid Hussain said that we must reduce dependence on imported fuel, improve the power distribution system, and end mismanagement at the policy level.
\nOtherwise, the economy will continue to suffer the consequences of expensive power.
\nHe explained that when power is expensive, the cost of production increases, making it difficult to compete in international markets. This decreases exports, foreign exchange earnings, and industrial development.
\nMany industries have closed or shifted to countries with cheaper energy, resulting in job losses and economic contraction. Mian Zahid Hussain said that the continuous power supply in Pakistan is a significant problem that needs to be overcome.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Friday that significant reduction in electricity prices across the country by Prime […]<\/p>\n","protected":false},"author":2,"featured_media":466256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-470620","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n