ICCI Calls For Revisiting Economic Policies To Revive Business Activities

ICCI calls for revisiting economic policies to revive business activities

The Islamabad Chamber of Commerce & Industry has called upon the government to revisit its economic policies to revive the business and investment activities in the country as the current economic policies of PTI Government were pushing the country towards deep problems due to which common man and business community were suffering badly

Islamabad (Pakistan Point News / Online - 21st September, 2019) The Islamabad Chamber of Commerce & Industry has called upon the government to revisit its economic policies to revive the business and investment activities in the country as the current economic policies of PTI Government were pushing the country towards deep problems due to which common man and business community were suffering badly.Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that exchange rate, monetary policy of SBP and tax policy of the government were the key factors behind the prevailing inflationary trends, fiscal challenges and low investments.

He said that the key economic policies of PTI government were responsible for a record high inflation rate of 11.63 per cent in Pakistan compared to 5.2pc in Bangladesh, 3.2pc in India, 5.6pc in Sri Lanka and 2pc in Vietnam.Ahmad Hassan Moughal said that volatile exchange rate, high energy and food prices and transportation costs were driving up the inflationary pressures due to which business sector and people were facing great problems. He said that high inflation has badly squeezed the purchasing power of the common man due to which business activities have reduced drastically.

He urged that government should reduce high POL, electricity and gas prices, bring down key policy interest rate to below 10 percent and ensure stability in exchange rate to cut down high cost of doing business and provide badly needed relief to the people. He said if the current economic policies were not revised, the economy would further weaken and this situation could jeopardize the sovereignty of the country.