AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, August 26, 2012 (PPI-OT): The Attock Chamber of Commerce and Industry on Sunday said frequent upward revision in power tariff and hike in petroleum prices and other policies of the government have pushed millions below poverty line while left thousands of businesses bankrupt.
The recent hike aimed at generating extra funds for the government has nullified the positive impact of reduction in the interest rates by the State Bank of Pakistan; it has left many local products have lost competitive edge, it said.
Now, the business community has stopped believing promises of the authorities who have put their survival on stake, said Tariq Mehmood, President of the Attock Chamber of Commerce and Industry while speaking to business community.
He said that mismanagement, inefficiency, inflation, unemployment and decay of the institutions are pushing country into the Stone Age.
Recent hike proves that regressive tax regime has failed to deliver, tax evasion is on the rise and expanses of the rulers are crossing limits which have contributed to record low growth rate since coalition came into power, he added.
Tariq Mehmood, who is also Director Pak-UK Business Council and Chairman FPCCI Committee on Health, said that lack of accountability and transparency has brought a bad name to the country on international level.
He observed that now policymakers are considering expenditure on health, education, sanitation etc. as a burden which is damaging fabric of the society.
The business leader said that whole system is supporting the elite by squeezing poor which has made life very difficult for the common people.
Capital and talent is flying away from Pakistan due to frustration and political instability, he said adding that government seems not interested in resolving the circular debt which has blocked investment in power sector and helping make PSO a dysfunctional institution.
All plans of the government have backfired and if politics continued to dominate over economics, the future will remain hopeless, warned Tariq.
For more information, contact:
Syed Masood Alam Rizvi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk