KARACHI: Faisal Moiz Khan, President of the North Karachi Association of Trade & Industry (NKATI), has condemned the significant increase in gas tariffs by the caretaker government, deeming it disastrous for industries and a serious threat to the economy.
He demanded the government to immediately reverse the recent hike in gas rates and to establish gas rates through consultations with stakeholders, aiming to alleviate the burden on industrial production costs. He warned that failure to do so would result in the destruction of industries, particularly SMEs, and adversely impact exports.
“The industrial sector is already grappling with substantial challenges stemming from the continuous escalation in electricity and gas tariffs. The exorbitant costs of electricity and gas have become increasingly unbearable for businesses. This has rendered exporters less competitive in global markets due to soaring production expenses, jeopardizing their market share,” he emphasised.
The NKATI president expressed concern over the government’s inaction despite repeated pleas from the industrial community regarding these issues. He highlighted the growing frustration within the industrial sector and underscored the imminent risk to the survival of export-oriented industries, particularly SMEs, urging the government to acknowledge this precarious situation.
Faisal Moiz Khan called upon caretaker Prime Minister Anwaar-ul-Haq Kakar, Federal Minister of Commerce and Industry Gohar Ejaz, and Minister of Energy Muhammad Ali to retract the decision to raise gas prices. He criticized the caretaker government for its failure to implement relief measures to alleviate the distress faced by industries, warning that continued negligence would halt exports and impede economic recovery.
He urged the policymakers to adopt prudent, industry-friendly policies to sustain productive activities, foster economic growth, and generate ample employment opportunities.
Copyright Business Recorder, 2024
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