Businessmen urge govt to curb inflation

KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the government to control inflation by keeping a check on profiteering and hoarding by the big investors, a statement said on Tuesday.

Unisame president Zufikar Thaver said that the Unisame is badly affected by the snowball effect of inflation and invited the attention of Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin to the devastating situation of the economy, urging him to adopt deflation tactics right away.

He said the inflation in the country needs to be controlled immediately and blocked by checking profiteering, hoarding and buying of goods and raw materials by the big investors who are gathering finished, unfinished goods and raw materials, anticipating a sharp increase in prices.

The salaried class and the Small and Medium Enterprises are suffering the most because their monthly expenditure is more than their earnings, he said.

Thaver said that the inflation rate in Pakistan is also in double-digits and it is increasing rapidly, adding that the government figures are less than the actual inflation rate.

Many investors have raised the prices more than the increase in their cost of production to make gains in the name of inflation, he said, adding that the rupee/dollar parity is also indicating that the local currency is depreciating every day and, at this rate, the prices will further increase.

The impact will be felt when new imported material lands in the country with higher cost, enhancing the cost of production.

The Unisame Council invited the immediate attention of the finance experts to take measures for curbing the depreciation of the rupee and inflation by recognised deflation tactics as per the economic theory and practices.

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