Islamabad : (Jan-24-2024)Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Sunday that the policy of continued increases in the tariffs of electricity and gas and endless price hikes in the price of fuel has proved to be unproductive.
The experience failed to reduce circular debt and help resolve other problems but compromised the quality of life of most people, he said.
Because of uncontrolled inflation, most people are struggling to bring food to the table while ignoring important matters like health and education, he said.
Shahid Rahseed Butt said in a statement issued here today that it has become difficult for the majority to fulfil the need for food as inflation continues to increase, breaking all previous records.
He warned that if the situation remains the same, there will be no middle class in the country.
The business leader said that monthly income has become insufficient for many people who are looking for other sources of income to deal with inflation, but only some are fortunate enough.
He said that people all over the country have long been annoyed by paying for the mismanagement, incompetence, and corruption in the electricity, gas, and oil sectors.
Electricity, gas, and oil are constantly being stolen across the country, but effective action has never been initiated against the thieves, which causes the institutions and the masses to suffer, he observed.
The government allows institutions to raise the price to deal with the problem of theft and losses, which increases the pressure on the people and the business community, he observed.
He said that not only is electricity and gas being stolen across the country but also smuggled oil is openly available everywhere, and there is no one to stop this illegal trade, which is causing a huge loss to the economy.
He observed that the crisis of inflated electricity bills has led to protests nationwide as people are struggling to pay astronomical bills.
One of the major reasons behind the disturbance is electricity theft because of corrupt elements in the various departments involved in the power distribution system.
According to Power Division data, electricity theft has caused the national exchequer to lose Rs 500 billion, he informed.
Several methods have been introduced to overcome power theft, but all have failed because of a lack of practicability and implementation.
Mr Butt said that in such a grim situation, expecting foreign investors to prefer Pakistan for investment is a pipedream.
