1.5 percent cut in markup rate: business community thanks Prime Minister for accepting demand

Pakistan Auto Parts Manufacturers and Exporters Association while terming the 1.5 percent cut in markup rate, thanked the Prime Minister Syed Yousuf Raza Gilani for accepting the longstanding demand of the business community. The Association's chairman Tahir Javed Malik in a statement said that cut in mark-up rate was a prerequisite to enhance the productivity.
He said that the step taken by the State Bank of Pakistan would help strengthen the industrial sector that was facing various crises and looking for relief. The recent cut in markup rates would put positive impacts on the industrial sector and help boosting the exports, he added.
Malik lauded the efforts of LCCI President Irfan Qaiser Sheikh who had a meeting with the Prime Minister Syed Yousuf Raza Gilani and put up the issue of high mark rate in Pakistan. He said that though cut in mark up rates was a good omen for the trade, industry and economy, but State Bank of Pakistan has to bring the markup rate to the single digit. He hoped that markup rates would further be lesser to single digit. Chairman Pakistan Industrial and Traders Association Front (PIAF) Sohail Lashari also paid rich tributes to the Prime Minister Syed Yousuf Raza Gilani for accepting the demand of business community and said that cut in markup rates would accelerate the economic activities in the country and boost the industrial sector.