LAHORE - While drawing up a roadmap for the revival of economy for the year 2011, Pakistan Industrial and Traders Associations Front (PIAF) Monday termed the year 2010 as nerve-shattering for the trade and Industry. Power outages, repeated hikes in electricity rates, gas shortage, price spiral, mismanagement and bad governance were the hallmarks of the outgoing year. The meeting was Chaired by the PIAF Chairman irfan qaiser Sheikh while it was also addressed by PIAF Vice Chairmen Iqbal Baig Chugtai, Khawaja shahzeb Akram and former LCCI President Mian anjum Nisar. There was a consensus among the participants that in the year 2010, there was a lack of coherence in the government policies and the things on the economic front went topsy turvy instead of making any forward movement. Exports went down quantitatively while the situation of new investment was very bleak. The power tariff registered an upward trend of 67 percent in 2010 while it was almost hundred percent in the last three years. Due to this single reason, Pakistani merchandise failed to get due appreciation at the international market and the neighboring countries made huge gains as the rate of electricity for the industry in Bangladesh was 9.5 cents, in India it was 9 cents against a rate of 13 cents in Pakistan. They said that the entire trade and industry suffered heavy losses in 2010 due to repeated long hours scheduled and unscheduled power outages and resultant disruptions in production processes. The participants of the meeting urged the government to declare the year 2011 as the Year of Power Generation and initiate work on mega water projects including Kalabagh Dam. Unless and until dependence on thermal power is curtailed, there are hardly any chances of economic revival and precious foreign exchange was being spent on oil import. The PIAF Chairman also stressed the need for bringing down the fast escalating rate of inflation that has now started taking its toll. While calling for bringing down the rate of interest, the PIAF office-bearers said that the state Bank of Pakistan should divert its attention towards banking spread that is intolerable and taking the equity away from the reach of the business community. They said that the rate of interest in India is 11.5 per cent. In Bangladesh it is 12.5 percent while in Sri Lanka it is 9.75 per cent against 17.5 per cent in Pakistan. The PIAF office-bearers said that there was a dire need to take corrective measures and focus shift on the part of the government as the Reformed General Sales tax would complicates the things beyond expectations of the government. It would be better for the policy makers if they concentrate on increasing Tax-to-GDP ratio which is lowest in Pakistan. The Tax-to-GDP Ratio in Bangladesh is 14.5 percent in India 15 per cent, in Sri Lanka it is 16 per cent while in Pakistan it is 8.8 per cent. The PIAF leaders said that if the government fails to take appropriate measures for the economic revival, the trade deficit would cross the staggering figure of 12284 billion by June 2011. They urged the Prime Minister to convene a Businessmen Conference for taking the business community onboard while evolving an Economic Strategy for 2011.