The LCCI President Shahzad Ali Malik has stressed the need for sector-specific measures for the revival of economy as political uncertainty has not only dented morale but also contributed to a sharp fall in economic activity.
He was speaking at the inauguration of a new outlet of a packaging company. Malik pointed out that the country was passing through a critical stage and facing various internal and external challenges including power outages, repeated hikes in electricity rates, gas shortage, price spiral, mismanagement and bad governance. It was noted that there was a lack of coherent government policies with the power tariff nearly doubling in the last three years. As a direct result, Pakistani porducts failed to gain a toehold in the international market as neighboring countries made huge gains. He underscored the need for the government to frame a comprehensive strategy with the consultation of stakeholders to overcome the economic crisis in the country. “Unless and until dependence on thermal power is curtailed, the economic revival is unviable and precious foreign exchange is being spent on oil import.”
Malik also stressed the need for curtailing the rate of inflation while drawing attention to the need to bring down the interest rate. He said that it would be better for the policy makers if they concentrate on increasing the dismal tax-to-GDP ratio. Malik pledged that the LCCI would collaborate with traders for working out a plan to revitalise economic activity in the country.
