RAWALPINDI  - The Executive Committee of Rawalpindi Chamber of Commerce and Industry (RCCI) showed concerns over the 50 percent possible decrease on the power subsidy in budget 2015-16 saying it would add the suffering of the masses.

While chairing the executives meeting President RCCI Syed Asad Mashadi said that according to reliable information government was reducing subsidy on the IMF conditional inflow of $506 million by June 30 and said step would badly hampered economic growth of the country. “Policies which are made on the directions of international institutions cannot serve the masses”, he said and demanded that government must revisit its policy. Senior Vice President Mian Humayun Parvez, Vice President Saboor Malik and other executives were also attended the meeting.

Asad Mashadi said that government has almost decided to further reduce the subsidy on power sector in steps to overcome circular debt of Rs 600 billion. He said that business community demands the government to take action against defaulters curb theft and line losses to overcome prevailing issues.

 He said that industry was already facing huge losses owing to power shortage and by using the other power resources the cost of production has increased.

 He was of the view that if government reduces the subsidy it would be hard for local industry to compete in international trade markets as cost of doing business would not remain competitive and national economy would badly suffer. He said that government must focus on the masses issues and should take solid measures to provide them maximum relief.