KARACHI: Businessmen Panel Chairman Mian Anjum Nisar has urged the government to up-grade transmission and distribution system to ensure continuous and smooth supply of electricity and gas.
He urged the government not to tolerate any laxity towards up-gradation of gas and power transmission and distribution system, as any negligence could cause unbearable loss to the trade and industry.
He said that the Unaccounted for Gas (UfG) of SNGPL reached around 11.9 percent and 16 percent of SSGC in financial year 2020-21 against the permissible limit of seven percent.
He said that gas and electricity are basic ingredients for the industrial sector and are must to keep the wheel of industry moving. He said that growth of local industry is a barometer of economy.
He observed that business-friendly policies should be adopted as other neighbouring countries of the region are adopting to their industry.
He said that sizeable cut in oil rates would certainly bring down the cost of doing business and our products would get their due share in the global market.
Mian Anjum Nisar called upon the government to address the key issues of the trade and industry, facilitate economic growth along with improving tax revenue of the government.
He said that the impact of COVID-19 has badly affected business and industrial sector, stressing the government to bring down GST in order to ease the difficulties of businesses. He said that the move would reduce the cost of doing business, attract new investment, promote industrialization and create new jobs.
Irfan Iqbal Sheikh, FPCCI’s presidential candidate for election of 2021-22 nominated by the BMP, observed that the government has made unprecedented increase in the ratio of tax, duties and Petroleum Levi ostensibly to earn billion of rupees in revenue.
He observed that with a view to improve the cash flow of businesses at this crucial time, the government will have to facilitate the industry through reduction in tax ratio on all items including the oil products, besides lowering the mark-up rate further.
Sheikh said that at a time when country’s GDP ratio was very nominal amidst high cost of doing business, the industry needs maximum support and relief.
He said that the economy of Pakistan had severely affected by the Corona Virus disease (COVID-19), as the industries particularly the SMEs are striving to deal with the economic crunch and need to get support. Instead of providing subsidies or waivers, it is unjust to overburden the industries with hike in cost of production.
Copyright Business Recorder, 2021