President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said COAS Gen General Qamar Javed Bajwa has rightly pointed out issues keeping economy hostage which is laudable. Speaking at a seminar at National Defence University, the COAS linked revival of the economy to sovereignty which indicates his interest in the improvement of the overall economy which is praiseworthy, he said.
Mian Zahid Hussain said that the remarks of COAS indicate that the government and army are on the same page and striving to revive the limping economy.
Talking to the business community, the veteran business leader said that the decision of the army to freeze budget was a move to share the government’s burden but it can have an impact on the challenging security environment.
The former minister noted that Gen. Bajwa has blamed former rulers for fiscal mismanagement and avoiding tough decisions and hoped that the decision of the incumbent government will improve the economic situation. However, he said that it’s not only the government and the army but all sections of the society must come forward to discharge the national obligation of rescuing the sinking economy as many nations have done it in the past. He noted that political stability and national unity are the prerequisites for development for which the Prime Minister is in contact with the masses.
Mian Zahid Hussain noted that foreign loans have surpassed $ 100 dollars, revenue shortfall has jumped to Rs 400 billion, GDP is down from 6.2 percent to 2.7 percent, the discount rate is over 12percent, and devaluation has not helped boost exports.
Government spending, the value of dollar, inflation, and unemployment is increasing, people are still in doubt about amnesty scheme, the energy prices have been revised upward for the eleventh time in ten months while industrialists and traders have started agitation. The government must take the right decisions to avoid an interruption in economic activities, he demanded.
Mian Zahid asks igp to stop police robbing business community
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said police should not rob peaceful business community.
The veteran business leader said that Hyderabad police raided Burraque Oil Mills (Pvt.) Limited located at Hashmi Colony SITE Area and remove surveillance cameras to avoid proof of their corruption. After that, all the guards were locked in a room and lubricants worth millions of rupees were loaded in their vehicles.
The owner of the factory Mr. Abdul Jabbar was informed about the matter by security staff of adjacent factor who rushed to the spot where police failed to justify the raid or produce any search warrant or document.
The former minister noted that police was beating about the bush by putting blame on Counter Terrorism Department and Additional IG Hyderabad. Later the mill owner contacted the DIG who directed the police to leave the premises but they were reluctant to give lubricants back.
The police also blamed that the factory was producing substandard and fake oil which was another illegal act as the factory is licensed by OGRA, SEPA, SECP, and HDIP paying all the taxes and member of HCCI. Moreover, the authority of a raid rests with ORGA and not police and if there was any illegal activity then the police should have made it part of the record.
He asked the IGP to take note of the incident, investigate the issue, purge department of black sheep and direct the subordinate staff to stop robbing businessmen of good repute.
Mian Zahid praises PM’S steps to shield the poor from inflation
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday lauded the PM Imran Khan for steps taken to protect the poor from rising inflation. More steps should be taken to shield poor otherwise, inflation will push million into food insecurity which will also hit growth rate, he said.
Talking to the business community, the veteran business leader demanded steps to bring down the price of flour and sugar as there is no scarcity of food in the country but its price is a challenge for poor.
He said that despite good wheat crop the price of flour has been increased six times during the last four months while the sugar sector contributing eighteen billion in taxes has been subjected to seventeen percent sales tax which has increased its price beating expectations.
The former minister noted that now the sector of ghee and cooking oil is also bracing for an increase of Rs 18-20 per litre which will result in problems as the per capita consumption of this item in Pakistan is already below the global average.
The price of fertilizer has been increased by Rs 210 per bag to hit the agriculture sector and increase prices of staple, fruits and vegetables.
He said that the Prime Minister should oversee the prices mechanism by himself to keep prices of essentials under control.