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KARACHI: Sohail Nisar, Senior Vice Chairman, Pakistan Yarn Merchants Association (PYMA), has rejected huge hike on electricity, gas tariffs and termed it as disastrous for business and industry, and appealed Prime Minister Shehbaz Sharif and Federal Minister of Energy Power Division Engineer Khurram Dastgir Khan to take steps to reduce the cost of doing business in view of the ongoing serious economic crisis in the country.

In an appeal, PYMA senior vice chairman said that tariffs should be reduced so that the cost of doing business can be reduced, and industries can maintain their survival.

“The increasing dollar rate has already created difficulties for the importers of raw materials. Due to the unavailability of dollars, the containers of imported raw materials were stuck at the ports due to which the importers are facing serious losses in terms of heavy demurrage and detention charges.”

Therefore, in such a situation, an increase of more than 400 percent in electricity and gas tariff will increase the cost of doing business to an unbearable extent, which will have disastrous effects on the industries and domestic exports will also be adversely affected.

Sohail Nisar urged the prime minister and Energy minister to adopt pro-business policies for saving business and industry from destruction and to revive the country’s economy, especially utility charges should be reduced.

Otherwise, it will become difficult to do business and run industries, which will have a very negative impact on the country’s exports, while the employment of millions of workers will be at risk.

Copyright Business Recorder, 2023

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