Balanced economic policies required to stabilise rupee: FCCI

Balanced, progressive, sustained and realistic economic policies are imperative to stabilize Pakistani rupee and in this connection government must take private sector into confidence in the formulation of economic policies. Reviewing the prevalent economic situation during executive committee meeting of the Faisalabad Chamber of Commerce & Industry (FCCI) here on Saturday, Shabbir Hussain Chawla said that the stability of Pakistani rupee vis-à-vis dollar has already stabilized but it is a temporary phase.
He said that if the gap between import and export continued to widen and government continued to get new loans, the rupee will further depreciate which may shake our entire economic structure. He lamented that before the onset of hot summer season, the unannounced and unscheduled loadshedding of electricity has deteriorated the national economy.
He told that a representative delegation of FCCI will have a meeting with FESCO officials to ensure that there should be no unscheduled loadshedding particularly from the industrial feeders. Continuing, he said that the executive body of FCCI is consisted of all segments of society and its members should clearly identify their sectors specific problems along with their viable solutions.
"It will enable FCCI office bearers to take up these issues at the appropriate forum for their resolution", he added. Responding to a question asked by Haleem Akhtar Malik, President FCCI said that there is wide gap between the gas prices in Punjab and other provinces. The industrial sector of Sindh is getting gas at the rate of Rs 480 per MM BTU-whereas the same commodity is being provided to the industrial sector of Punjab at Rs 1360 per MM BTU. "This is a huge difference which has made industrial sector of Punjab uncompetitive even within the country", he added.
He further told that government is also contemplating to increase the electricity rates while the Prime Minister scheme is also going to expire very soon. "All these factors will have negative impact on the industrial sector of Punjab", he remarked.