The Lahore Chamber of Commerce and Industry (LCCI) has welcomed Rs 2.32 per unit cut in the electricity tariff and termed it good news for the industry. The LCCI President Ijaz A Mumtaz in a statement on Friday has said that the decision would help reduce pressure on manufacturing sector that it has been facing because of shortage of electricity and gas.
However, the LCCI president called for another cut in the prices of petroleum products keeping in view of decrease in oil prices in international market which are fast heading towards $50 per barrel. He said that initiatives like reduction in electricity and POL prices would bring the economy back on rails and would also pave way for much needed Foreign Direct Investment (FDI).
He said that electricity and petroleum products are basic and important raw material for the industry. He said that due to high cost of doing business, Pakistani products were facing hard competition in the international market and a favourable cut in input cost would strengthen the manufacturing activities and will also improve exports of the country.
He said that low diesel prices would bring down the input cost of agriculture production as high speed diesel is being used in tractors, tube wells, harvesters, thrashers and other agriculture machinery. Ijaz hoped that positive initiatives of the government would create conducive environment for the growth of business activities and would put the country on the path of sustainable economic growth.
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