LAHORE (PPI) - Pakistan Industrial and Traders Associations Front (PIAF) has welcomed the government decision to take all the stakeholders onboard while evolving the upcoming Industrial Policy. In a statement issued here Tuesday, PIAF Chairman Irfan Qaiser Sheikh said that it was a good omen that the government wanted to take the real stakeholders onboard regarding forthcoming Industrial Policy as the business community had been pressing the government since long to initiate process of consultation well ahead of finalizing any business related policy He said that in the past the governments had always ignored the real stakeholders and tried to impose illogical policies despite knowing the fact that the consultation of true stakeholders could ensure the formulation of effective and business friendly policies. Irfan Qaiser Sheikh urged the government to take immediate measures to get rid of issues being faced by trade & industry to achieve desired results from the forthcoming Industrial policy. He said that in the presence of issues like high input cost, even a best industrial policy could not meet the success. Meanwhile, the PIAF Chairman urged the government to stop any further hike in electricity tariff. He said that government should enhance the generation of cheaper electricity and freeze electricity prices for at least two years so that industrialists could be able to make long term planning. Irfan Qaiser Sheikh also urged the State Bank of Pakistan to immediately announce cut in interest rate which is a prerequisite to enhance productivity. He said that at the time when business community was expecting some relief, SBP had increased the interest rates and dashed the hopes of the business community which was expecting a remarkable cut in the existing rate of markup which has no parallel in the developed world. He said that it is a sorry state of affairs that at a time when the whole industry was badly suffering due to high cost of doing business and complaining of being uncompetitive in the global market, the SBP has taken a totally otherwise step. He was of the view that imbalances in the economy such as increasing trade deficit, current account deficit, high saving and investment gap, huge government borrowing and persistent high inflation including food inflation would leave a very negative impact on the national economy. He said that government should create a business friendly atmosphere to promote the industrial and economic activities in the country.