Traders Demand Smooth Gas Supply for Industry to Keep Economy’s Wheel Moving

ISLAMABAD, Nov 22 (INP-WealthPK): Industry needs unhindered and cost-effective gas supply to keep the wheel of the economy moving.

‘’An overhaul of the gas and electricity distribution and transmission systems is also a must to avoid losses,’’ stresses Mian Anjum Nisar, the chairman of the Businessmen Panel of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

In a statement, he pointed out in the financial year 2020-21, both the Sui Northern Gas Pipelines Limited and Sui Southern Gas Company had had their unaccounted-for-gas ratchet up to 11.9% and 16%, respectively, against the permissible limit of 7%. ‘’The government should ensure that industry gets gas and electricity supplies undisrupted to have that level of growth, which is needed for the economic turnaround,’’ he stressed.

Mr Nisar also stresses: ‘’For our products to be competitive in the international market, rates of petroleum products need to be brought down.’’ ‘’Affordable oil prices will certainly bring down the cost of doing business.’’

Mian Nisar, who also remained the FPCCI president, says the issues facing the industry need to be addressed to facilitate economic growth, thus enabling the government to get higher tax revenues.

He also calls for reduction in the GST to help revive the Covid-19-hit business and industrial sector. ‘’A lowered GST will go a long way in reducing the cost of doing business, attracting new investments, promoting industrialisation and creating new jobs.’’