Need to increase the income of the common man – Pakistan

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KARACHI: Chairman of National Business Group Pakistan and Chairman of Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain said that ordinary man’s income should be increased in a country with higher inflation. higher than in other countries of the world, adding that ignorance of this principle has caused serious economic problems.

He said that the devaluation of the currency increases exports and decreases imports, but in Pakistan the sharp decline in the value of the rupee has not affected imports, which is astonishing.

Pakistan depends on petroleum, palm oil, industrial chemicals and raw materials which cannot be controlled without boosting exports, he said.

He said expensive electricity, expensive gas and petroleum products will increase inflation as people bear the brunt of tax measures.

He said an agreement has been reached with the International Monetary Fund (IMF) to raise the prices of electricity and gas, which will worsen the miseries of the poor masses.

The petroleum tax will be gradually increased to Rs 30 per liter under the agreement while the burden of hundreds of billions of rupees will be borne by the people after the removal of tax exemptions, he added.

Mian Zahid Hussain said that weighing down the masses was the easiest option for the government, which made life difficult for the Pakistani people.

He said four major changes have been made to the economics team in three years, which have been followed by strong complaints, but no one has lived up to expectations and the state of the economy has deteriorated. instead of improving.

Subsequently, the IMF was asked to manage the sinking economy so that the country does not go bankrupt.

Now, economic leaders have been forced to put development projects on the back burner and prioritize the policy of economic stability over economic growth.

He noted that agriculture is the backbone of the economy which ensures food security, provides livelihoods for the rural population and supports many industries, including textiles, sugar, paper, seeds, pesticides, fertilizers, machinery, equipment, etc.

The share of agriculture in the GDP is 19.2% and the employment of 39% of the population is directly linked to it, but it does not receive the attention it deserves, which is problematic, a- he observed.

Copyright Business Recorder, 2021


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