Friday, May 16, 2025
No Result
View All Result
The AZB More Than Just News
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
No Result
View All Result
Daily The Azb
No Result
View All Result
Home Business

Circular debt and theft must end to rebuild power sector: Mian Zahid Hussain

PM hailed for significant reduction in power prices.

News Desk
April 4, 2025
Businessmen unconditionally support Army: Mian Zahid Hussain
Share on FacebookShare on Twitter

Karachi (April-04-2025) 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, said on Friday that significant reduction in electricity prices across the country by Prime Minister Mian Shahbaz Sharif’s is a highly laudable step.

He highlighted the significant benefits of the reduced electricity prices, stating that it will relieve the public and the business community, make industrial production cheaper, and increase exports by two to three billion dollars.

Mian Zahid Hussain said that increased industrialization will also reduce unemployment, an Eid gift for the nation.

Talking to the business community, the veteran business leader said that electricity has been made cheaper by Rs 7.41 per unit for domestic consumers. In contrast, the price of electricity for industries has been reduced by Rs 7.59 per unit.

He added that convincing the IMF to agree to such a substantial reduction in electricity tariffs was formidable, underscoring the government’s unwavering commitment to this cause.

Mian Zahid Hussain said that the government should increase pressure on IPPs to further reduce electricity prices, improve the transmission and distribution system, take steps against corruption, stop the theft of electricity worth Rs 600 billion, and encourage renewable energy instead of discouraging it.

The business leader stressed that the government should swiftly eliminate monopolies in the electricity sector, sell off the DISCOS, and implement other necessary reforms.

According to the Prime Minister, the government is saving Rs 3696 billion through negotiations with IPPs, which is encouraging.

However, he said, we have to advance industrialization, encourage the establishment of new industries, and make a strategy for expansion in old industries so that surplus electricity can be used and the burden of capacity payments can be minimized.

Mian Zahid Hussain said that the circular debt has also reached Rs 2393 billion, which is detrimental to the country’s economic future. The expensive electricity is a burden for the public and businesses and has been an obstacle to economic development for decades.

He said it is impossible to make electricity cheaper without eliminating circular debt, rooting out electricity theft, stopping corruption, and involving the private sector in the distribution of electricity.

He warned that industry and agriculture will not be able to develop as needed until the price of electricity is at par with neighbouring countries, and this sector will continue to impact economic development and competitiveness negatively.

Mian Zahid Hussain said that we must reduce dependence on imported fuel, improve the power distribution system, and end mismanagement at the policy level. Otherwise, the economy will continue to suffer the consequences of expensive power.

He explained that when power is expensive, the cost of production increases, making it difficult to compete in international markets. This decreases exports, foreign exchange earnings, and industrial development.

Many industries have closed or shifted to countries with cheaper energy, resulting in job losses and economic contraction.

Mian Zahid Hussain said that the continuous power supply in Pakistan is a significant problem that needs to be overcome.

To avoid load shedding, businesses must invest in alternative energy sources, increasing costs. He said the government should work diligently to make the power sector self-sufficient within five years.

News Desk

News Desk

Welcome to our web desk! We're a dedicated team of digital enthusiasts passionate about delivering timely and engaging content to our online audience.

Related Posts

FBR may impose sales tax on petroleum products
Business

Govt Likely to Withhold Relief from Fuel Price Drop, Proposes New Rs4.12/Litre Charge

May 15, 2025
Celebrating Youm-e-Takbeer: A Momentous Occasion in Pakistan’s History.
Headline

Is there a holiday tomorrow announced by the PM?

May 15, 2025
Letter of Congratulations (Mubarak Letter)
Business

Letter of Congratulations (Mubarak Letter)

May 15, 2025
Business

CAT Upholds CCP’s Order on Diamond Paints for Deceptive Advertising

May 15, 2025
Sindh Food Authority to Issue Prior Notices before Industry Visits: DG Asif Jan Siddiqui
Business

Sindh Food Authority to Issue Prior Notices before Industry Visits: DG Asif Jan Siddiqui

May 15, 2025
realme C71 Design Leak Hints at the Most Premium Design
Business

realme C71 Design Leak Hints at the Most Premium Design

May 15, 2025
JUI-F Leader Survives Bomb Attack in South Waziristan: Police
Headline

JUI-F Leader Survives Bomb Attack in South Waziristan: Police

May 15, 2025
Pakistan govt to ask Umrah travellers for undertaking against begging
Headline

Over 300 Pakistani Pilgrims Land in Jeddah as Phase Two of Road to Makkah Initiative Begins

May 15, 2025
President-elect Trump plans barrage of day one executive actions on  border, energy, federal workforce
Headline

Trump Urges Apple to Boost U.S. Manufacturing Instead of Expanding in India

May 15, 2025
Imran Khan’s Sons Break Silence, Urge Global Attention on Father’s Imprisonment
Headline

Imran Khan’s Sons Break Silence, Urge Global Attention on Father’s Imprisonment

May 15, 2025
Next Post
Eid Milan Gala Hosted by Dr. Talha Thanvi & Brothers of King’s Group Builders & Developers

Eid Milan Gala Hosted by Dr. Talha Thanvi & Brothers of King’s Group Builders & Developers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Most Popular

Sajal Malik Video Leak Sparks Controversy as Fans and Critics Debate

Zarnab Shastri’s Private Videos Leaked Amid Manahil Malik’s Controversy

Another leak: TikToker Somal Mohsin’s private videos go viral

Another obscene video of Minahil Malik goes viral

Torino Comics Honors Akira Toriyama, Creator of Dragon Ball and Dr. Slump

Must Read

Sydney Sweeney Faces Backlash Over Rumored Collaboration with Johnny Depp in ‘Day Drinker’.
Headline

Sydney Sweeney Faces Backlash Over Rumored Collaboration with Johnny Depp in ‘Day Drinker’.

March 31, 2024
PHDEC Hosts Successful Webinar on Post-Harvest Techniques for Peaches.
PAKISTAN

PHDEC Hosts Successful Webinar on Post-Harvest Techniques for Peaches.

July 5, 2024
The Azb is a 24/7 online news platform that covers a wide range of topics including business, economics, technology, finance, travel, fashion, and lifestyle.

Quick Links

  • Home
  • About us
  • SCI-TECH
  • Live TV
  • Banking

Useful Links

  • Videos
  • Reviews
  • Advertorial
  • Photos
  • About us
  • Author
  • Home
  • Latest News
  • Partner
  • Privacy Policy
  • Russian Theatre Group Celebrates Fifth Anniversary in Pakistan.
  • Terms and Conditions
  • The Azb – More Than Just News
  • Contact

© Copyright 2024 theazb. All Rights Reserved.

No Result
View All Result
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION

© Copyright 2024 theazb. All Rights Reserved.