KARACHI-The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has unveiled Business Performance Index to measure the economic and business performance of the country. This Index will be released on monthly basis that would based initially on the government's data of various sectors. FPCCI's outgoing President Tanvir Ahmed Shaikh along with other office bearers of the body informed the newsmen about the salient features of the index and its objectives. This index would be based on 10 selected indicators such as banks credit to private sector, net inflow of foreign direct investment, collection of sales tax, net equity and debts instruments issued by the corporate sector, export volume, import of machinery and industrial raw materials, market capitalization of KSE, industrial production of 40 selected items, number of foreign visitors and foreign exchange reserves of the country while each indicator would be assigned equal weight-age during the preparation of business performance index. Tanvir Shaikh claimed that the launching of business performance index was a significant achievement of the industrialist's body as no such any business performance indicator exists in the country which identifies the true picture of the overall performance of economic condition of Pakistan. Presently, the only tool of to measure the performance of business activities and economic of the country was the movement of the Karachi Stock Exchange which is not credible and being questioned in the country as well as abroad, he said, adding that the new indicator introduced by FPCCI will indicate the real picture of business activities. He pointed out that this business performance index would be based on 1000 basis points while the whole index would be based from the period of January 2007 which will be released on monthly basis. The future economic scenario of the country could also be measured on the basis of this index, Shaikh said and claimed that it would be made further credible. Meanwhile, giving detail about the salient features of index, Dr. Ayub Mehar Director General of Research and Development section of FPCCI said that this index would be based on 10 selected indicators such as bank credit to private sector, net inflow of foreign direct investment, collection of sales tax, net equity and debts instruments issued by the corporate sector, export volume, import of machinery and industrial raw materials, market capitalization at KSE, industrial production of 40 selected items, number of foreign visitors and foreign exchange reserves of the country. He pointed out that all the data of above 10 sectors would be collected from government institutions such as State Bank, FBS, FBR and KSE. Initially the FPCCI would use the secondary source for data which will be the government, he said and hoped that the independent sources of data would also be lined up for this new model of business performance index. He further said that presently no index was available to describe the trend and direction of business environment and to measure the performance of business activities in Pakistan. Sutlan Chawla head of Research and Development section of FPCCI speaking on this occasion said that FPCCI R&D Department has started work on this index in January 2007. The last two years from January 2007 to December 2008 was a trial period for the preparation of this index on monthly basis.