RAWALPINDI: The executive committee of the Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed concern on 50 percent possible decrease in the power subsidy in budget 2015-16 and said that it will add to the suffering of the masses.
While chairing the executive committee meeting, President RCCI Syed Asad Mashadi said that according to information the government is reducing subsidy on the IMF conditional inflow of $506 million by June 30 and said this step will badly hamper the economic growth of the country. “Policies which are made on the directions of international institutions cannot serve the masses,” he said and demanded that the government must revisit its policy.
He was addressing the Executive Committee meeting held here. Senior Vice President Mian Humayun Parvez, Vice President Saboor Malik and other members were also present during the meeting.
Asad Mashadi said that government has almost decided to further reduce the subsidy on power sector in steps to overcome circular debt of Rs 600 billion. He said that business community demands the government to take action against defaulters curb theft and line losses to overcome prevailing issues. He said that industry is already facing huge losses owing to power shortage and by using the other power resources the cost of production has increased.
He was of the view that if government reduces the subsidy it will be hard for local industry to compete in international trade markets as cost of doing business will not remain competitive and national economy will badly suffer. He said that government must focus on the masses issues and should take solid measures to provide them maximum relief.
