SCCI says govt planning mini-budget

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) on Monday said that the government had drawn up a plan to present a ‘mini-budget with heavy taxes and alleged that the rulers were following anti-business and trade policies which had led to economic instability and uncertainty.

Speaking to different delegations of traders at the Chamber’s House, SCCI President Muhammad Ishaq said prices of electricity, gas and petroleum would be increased through the ‘mini-budget’, which was, he said, would hit hard for business, trade, industries and exports of the country.

Muhammad Ishaq said the mini-budget would be an unwise step in the present situation. He urged the government to review its decision in the best interests of the country’s economy, businesses and trade.

The SCCI chief described the rising dollar rate, petroleum, gas and electricity prices as the main reason behind the current inflation and economic owes. He said the economic policies of the government were flawed and non-opening of Letter of Credits or LCs by commercial banks had brought negative impacts on economic growth.

On the other hand, the SCCI chief said, the rising prices of electricity, gas and petroleum products along with hike in policy rate by the State Bank of Pakistan had aggravated the present feeble economic conditions.

He noted that the present government had claimed to put the economy on the right track even without consultation with the business community and relevant stakeholders. “But measures taken for improvement in the economy had yet not yielded any tangible and positive results, adding the economic situation was going from bad to worse with each passing day”.

The SCCI chief said industrialists, small traders and shopkeepers were faced with enormous difficulties because of the enforcement of ‘anti-business’ policies. He added that doing business and trade has been made impossible in the prevailing circumstances.