The winter season has not yet started but gas supply to CNG stations in Karachi has been suspended for 10 consecutive days, which is a matter of grave concern, lamented Businessmen Group (BMG) Chairman Zubair Motiwala.
In a statement on Saturday, he said that the business community was well aware that the international fuel prices were on the rise but its impact should not be passed on to the public.
Referring to steep depreciation of Pakistani rupee, Motiwala said that the currency had depreciated by approximately 12.4% since hitting Rs152.3 against the US dollar on May 17, 2021.
“A sharp drop in the rupee value has raised the cost of doing business and fuelled inflation, therefore it is imperative to review the current strategies being pursued by economic managers,” he stressed. “The government needs to understand that the share of exports in GDP stands at 8% while the remaining 92% is contributed by local trade and imports.”
The current situation needed to be addressed efficiently and handled carefully, otherwise, the cost of doing business would soar, which would gravely impact industrial performance, increase unemployment and open floodgates of inflation, he said.
According to Motiwala, the import substitution industries and small and medium enterprises, which were the backbone of the economy, could not absorb continuous economic shocks.
“Federal and provincial governments must help these enterprises by offering loans at zero interest, otherwise, they will become bankrupt.”
He hoped that the federal government would realise the gravity of the situation and take timely steps to resolve the economic problems. On the other hand, Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Idrees appreciated the government of Sindh’s decision to lift the restriction on carrying out business activities on Sunday.
“The move will help in minimising the grievances of shopkeepers, who have suffered heavy losses due to the Covid-19 pandemic and subsequent lockdowns,” he added.
“Sindh chief minister has proved that the provincial leadership is people-friendly and has tried its best to provide relief to the public,” Idrees said.
Published in The Express Tribune, October 17th, 2021.
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