Korangi Association of Trade and Industry (KATI) President Salman Aslam has rejected the NEPRA’s approval of an increase of Rs 4.82 per unit in electricity to K Electric.
He said that the government has already announced a historic increase in the prices of petroleum products which has upset the industrialists. He said that no industry would produce goods at a loss, the cost of production had gone up so much that the industrialists had no choice but to shut down the industry.
The 1.5 percent increase in interest rates, an increase of Rs 30 per liter on petroleum products and now an increase of about Rs 5 per unit of electricity is unbearable. Salman Aslam said that Pakistani exporters are already barely able to compete with exporters from India, Bangladesh and Indonesia but the government is not giving any concessions to the industry which is a matter of concern.
He feared that if production costs continued to rise, capital outflows would increase and industrialists would relocate their industries, leading to a sharp rise in unemployment. President KATI said that in the next few days, K Electric has hinted a further load shedding and reduction of power supply to the industry which is a matter of concern. He demanded the government to announce immediate incentives for the industry and ensure uninterrupted supply of electricity. To prevent unemployment and the evacuation of investment.
