NKATI terms mini budget disastrous for industry

• It will become almost impossible to run their factories.
• He said government should not burden on industry.
• Faisal Moiz Khan suggested for people-friendly policies.

KARACHI: President North Karachi Association of Trade & Industry (NKATI), Faisal Moiz Khan, has rejected the mini budget and the huge increase in gas & electricity tariff and, calling it disastrous for the economy & industry.

He said “If the government does not withdraw the increase in taxes and increase in electricity and gas rates through the mini budget, the industries will be closed. As a result, millions of workers will become unemployed while domestic exports will also be adversely affected.”

President NKATI Faisal Moiz Khan said that the government had earlier increased the gas & electricity tariff enormously, and at the same time, the government also indicated that the subsidy will be phased out, which will increase the production cost of the industries immensely.

“It will become almost impossible for the industrial community to run their factories, which will certainly affect the delivery of export orders, so the government should not burden the business, industry and the public to meet the IMF conditions”, he feared.

NKATI president was of the opinion that “If the business and industry will run, then the country will run, and if the people are prosperous, then the country will be prosperous, but unfortunately, all the actions of the government are on the contrary.”

Faisal Moiz Khan demanded the government that instead of taking anti-economic measures on the guidance of the IMF, business, industry and people-friendly policies should be formulated, and measures such as mini-budget should be avoided while withdrawing the increase in electricity and gas rates.

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Otherwise business and industry will collapse and result in a flood of inflation and unemployment which the government will not be able to stop.