Traders gear up to protest stagflation

In a decisive move, the Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with various other businesses have announced to hold a massive protest by observing a shutter-down strike across the Rawalpindi city and cantonment on Tuesday (August 29).

The protest is aimed at expressing staunch opposition against the substantial surge in utility expenses in respect of electricity, gas, petrol, diesel and water charges. Additionally, plans entail the closure of Kachehri Chowk, serving as the focal point for the protest.

Speaking at a press conference after a joint meeting of various business organisations in the Rawalpindi Chamber, Chamber President Saqib Rafiq, group leader Sohail Altaf, Punjab Association of Traders President Shahid Ghafoor Paracha, Sheikh Hafeez, Raja Jawad, Arshad Awan, Hassan Sarosh, Tariq Jadon and Taj Abbasi said the businesses have been destroyed due to rapid escalation in prices of electricity, petrol and diesel.

Compelled by circumstances, shop owners find themselves in the position of shuttering their establishments and turning to Qingqi rickshaws and Bykea as alternative means of livelihood. Similarly, the industrial sector is undergoing closures, paralleled by the escalating trajectory of the dollar.

Stressing their viewpoint, business delegates emphasised the necessity of heeding their concerns or otherwise, they would be forced to close down the shops and hand over operational control to government authorities.

Prominent figures in the business sphere have highlighted the current state of affairs, asserting that rampant inflation has brought commerce to a halt. Utility expenses, including both residential and commercial electricity bills, have experienced a manifold surge, while water bills have soared by an alarming 500 per cent.

A substantial surge in the prices of petrol and diesel has led to a manifold increase in transportation costs. This escalation has not only impacted the affordability of food and beverage delivery but has also resulted in the closure of over 70 industries connected to the construction sector, consequently driving up unemployment rates. Adding to these challenges, the average cost per unit of electricity has surged from Rs20 to Rs50.

Expressing deep concern, business executives have reported instances of individuals resorting to suicide as a result of severe inflation in the country. The lower middle class, finds itself drained, while economic hardships have compelled the less fortunate to turn to begging, contributing to a rise in both beggary and criminal activities.

Amidst this challenging environment, a diverse spectrum of individuals including businesspersons, citizens, government workers, daily wage labourers and the unemployed are left with no alternative but to engage in street demonstrations.

Business leaders have conveyed that the caretaker finance minister seems to be unavailable for dialogue with the business community, while concurrently holding the belief that the country has not entered a state of default. The incongruity arises from the simultaneous display of default status.

Moreover, the officials from the chamber and delegates representing business organisations disclosed plans for a protest at Kachehri Chowk on Tuesday at 4pm. Participants in this demonstration would comprise traders and shopkeepers who will assemble through rally formations after closing down their shops.

Published in The Express Tribune, August 27^th, 2023.