Senate special committee on finance, while rejecting free market economy – terming it anti-consumer –, decided to revive regulated market for effective price control. Three member sub-committee headed by Senator Ishaq Dar with Senator Professor Khursheed Ahmed and Senator Sughra Imam directed ministry of finance to consult ministries of law and justice, food security. Sub-committee also asked industries to draft legislation on price control within two weeks. Committee chairman Senator Ishaq Dar said people are at mercy of few influential businessmen, who exploit them and charge un-justified price from them. While criticising government’s treatment of fertiliser sector, he said government is providing gas to fertiliser sector on a subsidised rate but the impact was not delivered to consumers.
Committee unanimously believed that revival of magistracy system in all four provinces is one of the major tools to check un-justified price hikes and profiteering. Members of committee were of the view that food crisis is approaching and Pakistan should prepare itself by reviving its agriculture sector, that would in turn ensure its food security. Otherwise, there would no option but to accept imports from developed countries, they reiterated. He informed the committee that Consumer Price Index (CPI) has witnessed a declining trend from October 2010 to October 2011. However, there has been an increase in September he added.