KARACHI: The Korangi Association of Trade and Industry (KATI) President, Faraz-ur-Rehmanm urged the government to take immediate action to provide relief to the public and industries by addressing the electricity price surge and focusing on sustainable energy solutions.
He in a strong stance against the frequent surge in electricity prices has raised concerns about the devastating impact on the economy and called for immediate action to provide cheaper electricity alternatives.
The recent overall increase of 34 percent in the basic tariff, including the frequent upward adjustments in electricity rates, has sparked a major outcry from various sectors of the economy.
KATI President, Faraz-ur-Rehman, expressed serious reservations about the detrimental consequences of such increases on industries and businesses. He pointed out that the rise in electricity prices would lead to severe repercussions for industrialists, service sectors, and small to medium enterprises, as their incomes have not kept pace with the escalating electricity tariff. Estimating production costs and expenses under such unstable electricity prices has become an arduous task, making it difficult for industries to operate smoothly.
Many industrialists fear that the surging production costs will hinder their ability to compete effectively in the global markets, leading to a potential wave of industrial closures.
President KATI, Faraz-ur-Rehman advocated for an alternative approach to ease the burden on the public and the industry. He suggested that the government should focus on providing cheap electricity to alleviate the strain on the economy and prevent further social repercussions.
One of the proposed solutions included providing loans at single-digit interest rates to facilitate the acquisition of solar systems for the people, thus promoting sustainable and renewable energy sources. Addressing the escalating economic crisis, Faraz-ur-Rehman emphasized that immediate measures should be taken to support the industrial sector and ensure the continuity of businesses while safeguarding the welfare of the nation as a whole.
Highlighting the need for urgent action, President KATI called on the government to prioritize renewable energy projects as a way to reduce dependency on conventional electricity sources.
Copyright Business Recorder, 2023
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