Friday September 29, 2023

Gallup survey: Inflation, costly power biggest woes of business community

Around 41% said inflation, rising food cost their biggest problem while 18% were wary of inflated power bills

By News Desk
September 12, 2023
People buy rice at a market in Karachi on February 3, 2023. — AFP
People buy rice at a market in Karachi on February 3, 2023. — AFP

KARACHI: Business community in Pakistan has termed inflation, skyrocketing food prices and exorbitant power bills their biggest woes while businessmen want instant solution of these issues from the caretaker government.

These are the findings of second trimester survey report of Gallup Business Confidence Index 2023. As many as 550 businessmen participated in the survey which was held from August 22-25, 2023.

Around 41 percent of the survey respondents held inflation and rising food cost their biggest problem while 18 percent were wary of inflated power bills and sought relief from the government.

A total of 9 percent expected from the caretaker government to reduce petrol and diesel prices, 8 percent sought to control rupee devaluation, 7 percent demanded to bring political stability, 5 percent asked to reduce taxes, 3 percent sought to harmonize policies, 3 percent sought to halt gas, electricity loadshedding, 2 percent demanded to decrease import duty, 2 percent sought to provide relief to business community, 1 percent demanded to evolve effective export policy, 1 percent sought to improve law and order situation and 1 percent sought to overcome the shortage of skilled workers.

Interestingly, 6 percent of the respondents did not express any problem saying the government is taking all decisions in the right direction. To a question of power breakdown, 69 percent traders expressed concerned over loadshedding while 31 percent said there was no loadshedding.

Around 22 percent said they experienced loadshedding 3 hours a day; 17 percent, 2 hours a day; 16 percent, 5-6 hours a day; 13 percent, 4 hours a day; 12 percent, more than one hour; 8 percent, more than 8hours a day; 6 percent, 7 to 8 hours a day.

Around 75 percent of traders from manufacturing sector and 67 percent from services sector said they were badly affected by the power breakdown.