Fifty percent reduced spending noted on this Eid, Animal prices jumped, hides value fell
Karachi (Pakistan Point News - 5th Aug, 2020) President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, FPCCI’s Businessmen Panel Sr. Vice Chairman, and former provincial minister Mian Zahid Hussain on Wednesday said Eid helped boost the economy as almost Rs100 billion were transferred from cities to villages. Last year almost doubled amount was transferred while the sum was around Rs375 billion in 2018-19, he said.
Mian Zahid Hussian said that reduced transfer of money to rural areas can be attributed to the economic situation, impact of virus, and lockdown. Talking to the business community, the veteran business leader said that the prices of sacrificial animals jumped by 20 to 30 percent giving a boost to livestock sector while the traders in cities suffered a lot due to lockdown. The former minister noted sacrifices were reduced in the major cities of Punjab and Sindh while the situation remained somewhat balanced in the Khyber Pakhtunkhwa and Balochistan.
The concept of online arrangement and collective sacrifices is gaining momentum but fraud by some companies that have recently stepped into the business has dented the confidence of masses. The role of clerics and masjid is increasing in offering hassle-free sacrifice service to the masses which is a good sign, he said, adding that the prices of animals jumped despite low demand while the prices of hides crashed as the tanners are short of export and local orders. Last year hides worth Rs20 billion were sold while this year this dropped below than Rs10 billion. He said that the situation may improve by the next year when the virus would have been gone and the economic situation will be better.