FCCI president demands cut in policy rates, power tariffs
FAISALABAD: Faisalabad Chamber of Commerce and Industry President Rehan Naseem Bharara has demanded immediate reduction in policy rates and electricity tariffs as well as elimination of unnecessary taxes on the construction sector to build the national economy on solid and sustainable foundations.
He said that due to the tireless efforts of Prime Minister Mian Muhammad Shahbaz Sharif, Finance Minister Senator Muhammad Aurangzeb and their economic team, inflation and other economic indicators are gradually improving.
He said that a new monetary policy is being announced the day after tomorrow. He said that a 4% reduction in interest rates is inevitable so that the industrial wheel can be kept moving with easy availability of capital. He said that inflation has reached the lowest rate in history at 0.28%. Thus, further reduction in electricity rates will also increase production, while valuable foreign exchange can also be earned by exporting surplus production.
He said that it is being openly acknowledged in government circles that bringing interest rates to single digits and reducing electricity rates is necessary for economic development. He said that industries in Faisalabad were closing down due to high interest rates, while a reduction in interest rates would improve industrial processes and the resumption of closed industries would help increase exports and also create new employment opportunities for the youth.
He requested to Prime Minister Mian Muhammad Shahbaz Sharif to bring electricity down to Rs 26 per unit so that the production cost of our exports is reduced and 'Made in Pakistan' products can compete with their trading rivals in global markets.
Copyright Business Recorder, 2025
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