Atif Ikram Shaikh, president of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), said that “the budget should lower interest rates and restore zero rates for enterprises while lowering electricity costs”.
The rate of inflation has dropped to 11.8%. An interest rate of 22% is not warranted. The government may save Rs. 3 trillion in interest payments by lowering the interest rate.Speaking about the textile industry, Atif Ikram stated that cotton imports from the US and Brazil have been stopped at the port for the past four months. This has resulted in a major financial hardship because the demurrage charges, which have increased to Rs. 50 million, have been exceeded.
The country’s economy is under more strain because these fees are being paid to international corporations in dollars. This matter needs to be brought to the attention of the government and resolved right away.
According to Federation President Atif Ikram, we have faith in the Prime Minister’s commitment to fostering an atmosphere that is conducive to trade and commerce in Pakistan. Introducing investment and business-friendly policies is crucial.
