“Power outages, repeated hikes in electricity rates, gas shortage, price spiral, mismanagement and bad governance were the hallmarks of the outgoing year,” PIAF Chairman Irfan Qaiser Sheikh said in a statement.
In 2010, he said, there was a lack of coherence in government policies and things on the economic front were messed up instead of making any forward movement. Exports went down in terms of quantity, while the investment picture was bleak.
He said power tariff rose 67 per cent during the year and this single reason left Pakistani products uncompetitive in the international market. He said that the entire trade and industry suffered heavy losses due to prolonged power outages and resultant disruption in production processes.
Sheikh stressed the need for bringing down the fast escalating rate of inflation that took its toll on the industry. Calling for bringing down the rate of interest, he said the State Bank should divert its attention towards banking spread that is intolerable.
Published in The Express Tribune, December 28th, 2010.
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