KARACHI – Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the price of everything is getting out of control taking a toll on the masses.
He said that the prices of flour, sugar, meat, poultry, milk, ghee, vegetables and other items are increasing rapidly therefore their supply should be increased and hoarding should be discouraged so that prices can come down and masses can get some relief.
Mian Zahid Hussain said that inflation and unannounced hike in power bills has jolted the standard of living of the masses and a good number of people are consuming substandard items.
Talking to the business community, the veteran business leader said that inflation was already resulting in sleepless nights and now the dollar is gaining value. A dollar that was available for Rs152 in May is being sold at Rs170 now as all the steps to contain the fall of the rupee has remained fruitless.
Hike in the value of the dollar has reversed many gains including tax breaks on ghee, iron, steel and other sectors while the price of many items including that used in the construction are increasing almost daily which has resulted in panic.
Importers, exporters and others are unable to plan due to vitality therefore unnecessary imports should be banned, foreign investors should be asked to delay the repatriation of profits to stabilise the rupee as they have already sent 396 million dollars out of the country.
He noted that oil prices are at a three-year high and following the prices of gas for the first time in history. OGRA should increase gas supply to the industrial sector otherwise it will have a negative impact, he warned.
