KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh, while expressing sheer disappointment over hike in petroleum and diesel prices by Rs7.45 and Rs9.56 respectively, stated that this hike will not only hit the cost of doing business but also all segments of society and aggravate the hardships for general public.
President KCCI said, “It seems that the government has decided not to share any kind of burden or shoulder any of its responsibilities as the entire burden of ill-performing economy is either being shifted to industries or to poor public which has triggered a lot of anxiety amongst people from all walks of life.”
He stated that although the hike of petroleum prices has been announced in line with increasing trend in international markets but under the prevailing circumstances when the entire nation was terribly overburdened due to inflation, the government, instead of passing on the impact of international prices, should have acted leniently by sacrificing a meager portion from the excessively high petroleum development levy but unfortunately, it was not done.
“The business community as well as the common man, particularly the salaried individuals were still in a state of shock due to announcements made in the budget wherein heavy taxes have been imposed and now they have been mercilessly, compelled to bear the brunt of rising petroleum prices as well”, he said, adding that the increase in petroleum prices would have a deep negative impact on industrial production and it would lead to further raising prices of almost all the household commodities.
He was of the view that all the ruthless decisions taken in the budget along with the recent hike in petroleum prices and also the stubbornly high energy tariffs were not only squeezing the industries but also the general public who were losing their patience and were ready to come out on streets anytime to strongly protest against the anti-public and anti-business approach of the government. He stressed that instead of taking harsh steps particularly those taken in the federal budget, the government should implement strict structural reforms for good governance, curb unproductive expenditures, expand tax base, foster public-private partnerships, and reallocate resources to critical sectors to stimulate sustainable growth otherwise, it will be difficult for the economy to survive if the government continues to overburden the businesses and public.
Keeping in view the gravity of the situation, Iftikhar Sheikh urged the government to take steps on war footing basis to bring down the cost of industrial inputs, including electricity, gas, and petroleum products so that the economy could be revived and the businesses could be saved from complete collapse.
Copyright Business Recorder, 2024
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