Hyderabad Pakistan – President of the Hyderabad Chamber of Small Traders and
Small Industry, Muhammad Farooq Shaikhani, has strongly criticized the Economic
Coordination Committee’s decision to implement a 65% increase in gas prices. He
deemed it disastrous for the industries and questioned the moral justification of the
caretaker federal government, especially after the 2024 elections.
Shaikhani highlighted that the additional burden of 242 billion rupees imposed on
consumers is solely to comply with IMF conditions, emphasizing the adverse impact
on businesses and the public. The revised gas prices, reaching Rs.100 per MMBTU
for protected consumers, Rs.300 per MMBTU for non-protected consumers and
Rs.900 per MMBTU for bulk consumers, are seen as detrimental to the already
struggling industries in Pakistan.
The President expressed deep concern for Hyderabad’s renowned glass bangle
industry, which had already faced challenges such as gas load shedding and previous
price hikes, leading to the closure of 80% of factories and unemployment for over 2
lac individuals. Shaikhani fears that the remaining factories will also shut down with
the latest 65% increase, exacerbating unemployment in Hyderabad.
Shaikhani criticized the caretaker government’s plan to meet IMF conditions, stating
that it would result in the closure of industries, employee layoffs, a potential rise in
street crimes, and bankruptcy of manufacturing units, all negatively impacting the
country’s economy.
He urged leaders and political parties to reconsider the decision, emphasizing that in
developed countries, utilities are not exploited for economic gains.
Shaikhani asserted that the government’s focus should be on providing essential
facilities to promote industry growth, rather than escalating gas and electricity prices
without proper planning.
In conclusion, President Muhammad Farooq Shaikhani called upon all political
leaders and rulers to withdraw the gas price increase promptly to restore confidence
within the business community and encourage collaborative efforts for stabilizing
Pakistan’s economy.
ADVERTISEMENT
