Alarming conditions: Unisame urges wealth equality

Thaver wants policymakers to take steps.

KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the government to take notice of wealth inequality, suggesting the government to adopt corrective measures to ensure that balance is somewhat achieved.

Unisame President Zulfikar Thaver said the wealthy minority of the country prefer to keep their money locked in foreign bank accounts. “With the rupee losing value, their wealth is increasing as they purchase the dollar.”



According to Thaver, the government chiefly functions on the motive of personal gain and he warned that this will ultimately lead to massive protests.

He said in a democracy the majority is represented in the assemblies but in Pakistan a few feudal lords and big industry players occupy seats in the parliament and form the ruling coalition.

He pointed out that hoarders purchase commodities only to benefit by increasing the price. Even if prices are decreased, according to Thaver, it is only to facilitate them buying fresh stock before prices are raised again.

“Construction is conducted at an exaggerated cost and huge amounts of money are siphoned out from the treasuries. Banks are parking all their money with the government and the government is spending it lavishly,” said Thaver.

He advised the finance minister to examine the situation in its true perspective and take measures to reduce the burden on the common man.

He reiterated that the government should provide petrol, utilities, medicines and kitchen items at subsidised rates to the lower income groups and to cover this subsidy, impose tax on agricultural income. However, he said, the tax exemption limit should be enhanced to Rs0.5 million per annum.

“The SMEs should be facilitated and the SME policy be implemented,” said Thaver.

Additionally, the union chief called upon the government to take necessary steps to save the economy from becoming weak and dependent.

Published in The Express Tribune, August 27^th, 2014.

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