Traders and industrialists in the violence-hit economic hub of the country have claimed to have incurred billions of rupees in financial losses during the last five working days. Thursday saw socio-economic activities in the city grinding to a complete halt; with trade, businesses and industry remaining shut due to unavailability of workforce.
Commuters in most neighborhoods preferred to remain indoors, while transporters, both public and private, kept their vehicles off the roads for fear of arson attacks.
The management of Karachi Stock Exchange also suspended all markets at 1:45pm, 75 minutes ahead of the scheduled closure at 3pm.
“Members of the exchange are hereby informed that due to prevailing situation in the city the governing board of the exchange has decided to suspend all markets at 1:45pm and the window for trade rectification will remain available upto 2:00pm,” said KSE/N-3747.
Thursday’s violence has apparently emerged after PPP’s firebrand senior Minister Dr Zulfiqar Mirza’s diatribe last night against the erstwhile coalition partners from Muttahida Qaumi Movement. Warning against letting the country’s ailing economy head towards an irreversible collapse, the traders and industrialists called for the imposition of a partial martial law to restore peace in the bleeding metropolis.
According to representatives of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and All Karachi Tajir Ittehad (AKTI), politically-motivated violence in the city had inflicted financial losses of not less than Rs37 billion during the last few days. “Our estimate of daily losses to trade and industry stand at around Rs3 billion and Rs7 billion respectively,” said FPCCI Vice President Khalid Tawwab. The FPCCI official, blasting the past and present governments for not being bothered to work seriously for the restoration of permanent peace in Karachi, said that last four to five days’ losses to trade and industry could be calculated at Rs20 to 22 billion. “For God’s sake pay attention to the country’s economic conditions,” the trader asked the government.
According to small traders, the violence had hit their businesses hard during the past five days with many of the traders now seriously considering moving their investment out of this volatile city.
“We decided to keep the markets closed for fear of possible violence after Mirza’s last night outburst,” said Atiq Mir, chairman AKTI, a representative body of over 300 markets.
The AKTI chief said according to rough estimates the trader was bearing a daily loss of at least Rs3 billion after every closure led by whatsoever reasons. “We have incurred an accumulative loss of Rs15 billion during last five working days” marred by politico-ethnic violence, the trader said. Slamming the PPP-led government for becoming a party to the ongoing bloodshed in this multiethnic metropolis, Mir said traders would now demand the armed forces to come to the rescue of this city. “The Army should take over the city and enforce a martial law or emergency to eliminate the warring groups,” Mir demanded adding, “They should be deweaponized, arrested and punished for destroying peace of the city.” The AKTI chairman lamented that traders were now asking him if they should leave the city forever. “This disappointment is unprecedented in the last 65 years of Pakistan’s history,” said Mir. About the new spate of violence and its financial impact on the city’s trade and industry, President FPCCI Senator Haji Ghulam Ali said the losses were incalculable.
“The losses are almost incalculable as you may ignore the worst-hit daily wagers’ plight while calculating the losses,” the FPCCI chief told Pakistan Today. The senator warned of a foreseeable economic collapse in the country and called upon the government to refrain from creating an environment of protests and strikes in the country. “The disputes should be resolved in the assemblies in a constitutional manner,” he suggested. “Only economic stability can bring us prosperity,” the FPCCI chief exclaimed. Meanwhile, Chairman Karachi Transport Ittehad (KTI) Irshad Bukhari told Pakistan Today that his side had decided to keep the wheels jam on Thursday due to possible arson attacks. “Around ten of our vehicles are reported to have been burnt to ashes since last night,” Bukhari said. About the extent of financial losses to transporters, he said there were approximately 18,500 vehicles plying on the city
roads, 8000 mini buses, 7000 coaches and around 3500 big buses. “Daily (net) income of every vehicle ranges from Rs500 to Rs1000, so you can surmise what would be the extent of losses,” the transporter said. This, he said, was besides the losses being faced by those professional associated to transportation industry including drivers, conductors, mechanics, electricians etc.
