RAWALPINDI, OCT 27: The Rawalpindi Chamber of Commerce and Industry (RCCI) hosted a high-level think tank session focused on assessing Pakistan’s current economic situation and identifying solutions for sustainable growth. The session was chaired by RCCI President Usman Shaukat, alongside Think Tank Chairman and Group Leader Sohail Altaf, and featured renowned economist and economic analyst Dr. Farrukh Saleem as the chief guest.
Dr. Farrukh Saleem highlighted several positive economic indicators, noting that inflation rates have fallen, while exports and remittances have shown encouraging growth. However, he emphasized the need for reform in key areas, including fiscal deficit management, government spending, and foreign debt reduction, while pointing out growth potential in energy, agriculture, and industrial sectors. Dr. Saleem also advocated for the privatization of loss-making state-owned enterprises, such as Pakistan International Airlines (PIA), suggesting that the government should focus on regulation, leaving business activities to the private sector.
President RCCI Usman Shaukat underscored the purpose of the think tank, which is to not only evaluate economic challenges but also to propose actionable solutions. “Continuity of policies is essential to address our economic challenges and guide Pakistan toward stability,” he added.
Chairman Think Tank and Group Leader Sohail Altaf called on all political parties to unite on an economic stability agenda, much like the 26th constitutional amendment, to help Pakistan emerge from the economic quagmire. He highlighted the excessive tax burden on current taxpayers, citing the high tax rates of up to 50% in the region, and recommended an expansion of the tax net alongside incentives for businesses to stimulate economic growth.
Vice Chairman and former RCCI President Raja Aamir Iqbal emphasized the need for a comprehensive approach to address the growing trade deficit, which has risen by 29% in the first quarter of the year. He noted worrying trends in cement and tractor production, which have dropped by 20% and 50%, respectively, and called for collaboration with stakeholders to create sustainable economic policies that will reduce national debt and foster business-friendly reforms.
The session included a Q&A segment, where participants engaged with experts on pressing economic topics such as inflation, interest rates, production costs, stock market trends, IMF loans, and national debt.
Distinguished attendees included RCCI Vice Chairman Think Tank Raja Amir Iqbal, Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, former RCCI Presidents, and Executive Committee members, along with other prominent figures from the business community.
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