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 Monday said loans are obtained for the elite while repayment is the responsibility of the people.
He said that large amounts of loans are spent to please nobility while the important economic and social sectors are neglected in the distribution of resources.
Mian Zahid Hussain said that poverty would not have increased in the country if the distribution of resources had been balanced.
Talking to the business community, Mian Zahid Hussain said that on the one hand claims were being made to reduce inflation and on the other hand policies were being implemented which trigger inflation.
The continuous rise in prices of electricity, gas and petroleum products has led to rising inflation which has made life difficult for the people, he observed.
He noted that the people have been suffering from inflation for three years while they are getting only consolation instead of any real relief.
There is an urgent need to increase GDP and create jobs to provide relief to masses, he said, adding that steps should be taken in order to increase agricultural production and ensure food security.
Mian Zahid Hussain said that the prices of agricultural commodities have been increased but the income of the people has not been increased which has created a huge imbalance.
Due to the continuous rise in inflation, the income of the people has come down drastically due to which they are compromising on health and education, he said.
The policy of providing industrial loans to big business groups has improved their performance and pushed exports but the rise in the value of dollar has severely affected the stability of commodity prices burdening the poor.
Mian Zahid Hussain further said that inflation cannot be brought down through talk shows and Twitter so now a series of practical steps should be taken to get out of the politics of rhetoric and solve the problems of the people.
Government should ensure supply of gas and electricity at reasonable prices. It has been more than three years since the government came to power, so the lame excuses about economic catastrophe should be stopped and all attention should be focused on solving the problems of the people.
