ISLAMABAD   -   The Islamabad Chamber of Commerce and Industry (ICCI) has urged the government to take drastic measures to address the country’s economic challenges and put it on the path to stability and prosperity.

Ahsan Zafar Bakhtawari, president of ICCI, has emphasized that selling valuable assets and obtaining heavy loans are not viable solutions and instead, the government should reduce the tax burden on industries and offer incentives to the business community. During a meeting with business leaders at the Chamber House on Saturday, Bakhtawari criticized the independent power producers (IPPs) for holding the industry and other sectors hostage. He pointed out that the patriotic business community is striving to make Pakistan the fifth-largest economy globally but the IPPs are creating obstacles. He highlighted the exorbitant electricity prices in Pakistan, citing that the global average is not more than ten cents, while the country is being sacrificed to benefit a few families. The current electricity prices - 42 rupees for industry, 60 rupees for domestic consumers, and 80 rupees for commercial consumers are unacceptable and intolerable, he said.

He said that we are being intimidated by the threat of international agreements even though none of the IPPs themselves have adhered to their agreements and there is clear evidence of this. He said that more than a hundred industries have been closed while lakhs of workers have become unemployed, but still the government does not understand what the problem is and how to solve it. He said that 2100 billion rupees are being paid to IPPs without generating electricity. If the transmission lines are not laid for the transmission of electricity, then what is the fault of the people? He said that the government’s industrial policy has also failed, which will increase unemployment. He said that the government has to find a solution before it is too late. He said that that is why they demand the judiciary to conduct a forensic audit of them and the four pillars of the state are requested to play their role honestly and relieve the people from this problem.

Turning on the Tajir Dost Scheme, Ahsan Zafar Bakhtawari said that it is totally unfair to serve notices to registered and unregistered traders, shopkeepers to demand a hefty advance tax of Rs. 60,000/- per month which has become a cause of harassment in all the markets, although it was assured that a tax of not more than Rs.1000/- or Rs. 1200/- will be applied but the FBR is demanding Rs. 60,000/-which is unjustified.