Power deficit: ICCI opposes closing down of steel melting, re-rolling units

Mahfooz Elahi, President Islamabad Chamber of Commerce and Industry (ICCI) said on Friday that the incumbent government has failed to meet expectations of any segment of the society.
He was reacting to the reports that the government will shutdown steel melting and steel re-rolling units along with furnaces across the country for one month to save 800 to 900 MW of electricity to cope up with power deficit. Elahi said that the decision would create enormous problems for the steel industry and thousands of workers associated with the sector. Business community had high hopes from the democratic government, but unfortunately, it could not meet the expectation of any segment of the society. Load shedding has become the fate of this country, which has destroyed the industry and is creating unemployment at a massive scale, he said.
He was of the view that government has adopted anti-growth policies that have ruined the industry, increasing number of sick industries manifold and depriving thousands of people from their jobs. The representatives of steel units have also expressed serious concerns, urging the government to call on an emergent meeting of the steel industry before taking any decision otherwise, steel mills will lodge a countrywide campaign against the brutal action of the government, he maintained.
ICCI president said that on one hand, government makes tall claims of reviving the industry while on the other, steps are taken to cut the throat of industry that generates employment for hundred and thousands of people and pays a huge amount to the government exchequer in the form of taxes. He proposed that in case of closure of steel industry for a month, banks should give relief to the industry in the shape of waiving off mark-up on loans for a period of at least one-quarter to compensate the loss.-PR