KARACHI, APR 14 /DNA/ – The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain stated on Monday that despite the country’s lowest inflation, the people are still deprived of significant relief.
He remarked that the unjustified price surge has affected everyone, even during the sacred times of Ramadan and Eid.
Mian Zahid Hussain stated that traders suffered billions of rupees in losses during Eid due to a decline in people’s purchasing power.
Talking to the business community, the veteran business leader said that the profiteering mafia has become a threat to the people and a big challenge for the government.
The business leader added that the reason for the lack of reduction in inflation is the greed of the middleman, which the Federal Finance Minister has also acknowledged. However, despite government measures, problems still exist, taking a toll on the masses.
Mian Zahid Hussain said that unholy alliances, collusion, and artificial shortages against the people have become the norm among those trading in essential commodities, for which the people are paying a heavy price.
In this regard, the central and provincial governments need to formulate a coordinated strategy, he underlined.
He observed that inflation is decreasing all over the world, and people in other countries are also benefiting from it, but nothing like this is happening in Pakistan, which is regrettable.
Mian Zahid Hussain said that the system of price control, healthy competition and discouraging cartels is highly ineffective, in which the incompetence of the relevant institutions is not out of the question.
He said that until the government controls this mafia, all efforts to provide relief to the people will be in vain.
Mian Zahid Hussain said that other reasons for inflation include excessive dependence on imports, severe depreciation of the rupee, and looting of IPPs, which can be controlled by continuing sound economic policies.
He said that political instability has been reduced to a considerable extent, and the government’s economic planning is also improving. The tax system in Pakistan needs to be improved so that the rich can be prevented from getting richer and the poor from getting poorer.
Mian Zahid Hussain appreciated the successful Mines and Minerals Conference held recently in Islamabad and said that if policies are consistent, investors can gain confidence, and investment can increase.
Production is increasing in Pakistan, and the market balance is also improving, but electricity in the country is more expensive than in the US and Europe, while the people’s income is less than that of poor countries.
In this situation, preparations are also being made to increase the gas price, which is dangerous for industry and trade.
He said that continuous negative voices are coming from the agricultural sector in Pakistan, which the government denies. Climate change, water scarcity, poor seeds, expensive fertilizers, and a lack of modern technology are affecting production, which needs to be addressed by adopting the latest farming systems.
Mian Zahid Hussain said that to control inflation, Pakistan must ensure long-term economic policies, agricultural reforms, alternative energy sources, transparency, and the rule of law and prioritize national interest over political interest.
