ISLAMABAD – Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Sunday said masses are facing aftershocks of the budget is the shape of inflation.
Many mini-budgets have been introduced after the annual budget that has pushed prices of essentials to unprecedented heights pushing millions below the poverty line, he said.
Shahid Rasheed Butt said that elite class is plundering the masses and resources while relief has become a prerogative of the influential.
The monthly budget of the people has been dented heavily due to rising inflation as prices of all kitchen items have witnessed a sharp rise but the authorities seem unconcerned, he added.
The business leader noted that the tall claims of economic development are not going down well with the masses and ground realities are contrary to the statements of rapid national development.
The reduced buying power of the masses is leading to social and mental problems while the crime rate is on the increase.
He noted that every year 4.4 million people are added to the population putting stress on weak infrastructure and resources while the system is failing to provide employment opportunities.
Mr. Butt noted that inquiries and actions against sugar mills were eyewash otherwise, the price of the commodity would not have touched the extraordinary high in the markets.
He regretted that a recent Oxfam report revealed that eleven people die of hunger in the world every minute while the rich nations seem indifferent, as they have hiked military budget by 51 billion dollars during the pandemic.
