Karachi Chamber appeals for relief package for survival of all businesses and industries - Daily Voice

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Thursday, June 4, 2020

Karachi Chamber appeals for relief package for survival of all businesses and industries

Karachi Chamber appeals for relief package for survival of all businesses and industries

If relief is not provided in time, many businesses will go bankrupt, the economy will sink, Siraj Tile

Karachi Chamber appeals for relief package for survival of all businesses and industries

Karachi (Urdu Point News Latest - NNI. 04 June 2020) Chairman of Businessmen Group (BMG) and former President CCI Siraj Qasim Tilli and President CCI Agha Shehab Ahmad Khan called on Prime Minister Imran Khan, Advisor Finance Minister Abdul Hafeez Sheikh, Trade and Investment Adviser Abdul Razzaq Dawood and Federal Minister for Industries and Production Hamad Azhar have been appealed to instead of providing relief to selected sectors which will benefit the local economy and middle and low-income people. The government will not give relief to all sectors of the economy without any discrimination.

In a statement, Siraj Tilli and Agha Shehab stressed that businesses and industries were suffering due to the Corona epidemic and were struggling to survive.

The Corona epidemic has not affected any business or industry, so it is important to keep small and large businesses at bay and announce relief to all sectors of trade and industry so that businesses can avoid extraordinary crises and economic shocks.

He said that the relief package announced by the SBP was mainly restricted to the export sector or to specific and medium-sized employers while SMEs and almost all domestic industries and majority of businesses did not benefit from the package. And it has become very difficult for the industry to survive in the current situation and if they are not given timely relief, it is feared that they will be forced to declare bankruptcy.

Siraj Teli said that since the whole game depends only on survival, the government should provide immediate relief without wasting time, otherwise the businesses will go bankrupt and as a result the economy will sink. For the survival of businesses They should be supported now and the government can earn from them even later. KCCI President Agha Shehab said that the government's strategy of providing relief to selected sectors is tantamount to discriminating against local industries and trade. Which is neither in the interest of business nor the economy, so it must be stopped immediately and relief should be given to all, including all sectors and categories of trade and industry, without wasting time, instead of one or two selected sectors.

Siraj Tilli and Agha Shehab appreciated the relief given to consumers below 300 units and reduction in petroleum prices and said that the business community welcomes these measures but it is not enough now and more needs to be done. The government should announce a further reduction in petroleum prices as well as 50 per cent reduction in electricity rates, sales tax, income tax, federal excise duty and holding tax which will bring immediate relief to the entire nation.

He advised the government to bring the interest rate to 4% in Pakistan as well, keeping in view the strategy adopted to save the economy like the rest of the world, as interest rates have been reduced to zero in many countries around the world. He said that the reduction in the policy rate is insufficient to mobilize the economy, so it is necessary to bring down the interest rate to 4% at once to get the business community out of the extraordinary crisis. ۔

All of these measures will help industries reduce their cost, which takes time to provide cash flow and save jobs, as the job creation process has already begun. Referring to the relief given to businesses and sectors, he said that it was not necessary for the government to get anything in the form of revenue from these sectors in the ongoing crisis in the country as in the current situation, from small traders to big industrialists, The government should stop paying attention to tariffs and provide relief at all levels, which is essential for the survival of the economy and business.

He said that this year the government has to forget the revenue and reduce its expenditure which is the only way to save the business from complete ruin and save the people from unemployment, poverty, hunger and destitution. Practical steps will have to be taken to reduce costs while the funds saved will have to be used to help businesses.

Siraj Tilli and Agha Shehab further suggested that the government should allow all individuals and entities involved in the undocumented economy to invest in any sector with the assurance that they have no questions about the sources of capital. It will not. This will lead to large-scale investment, job creation and significant growth in GDP growth.
In the current extraordinary circumstances when the whole world is engaged in the war against the Corona epidemic, the government is unlikely to face any objections from the FATF, World Bank, IMF or G20 because of the current extraordinary circumstances. In view of this, all these institutions will definitely relax their terms. Chairman BMG and President KCCI hoped that the government, keeping in view the ground realities and difficulties of trade and industry, would appeal to KCCI. It will definitely focus on and announce relief to all sectors to protect the economy, business and compatriots from further recession and the impact on the entire population.

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