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March 22, 2020

Bailout package for saving industries demanded

National

March 22, 2020

Rawalpindi: The Rawalpindi Chamber of Commerce and Industry (RCCI) has said that a special bailout package should be announced for the restoration of the industry and business in the wake of the coronavirus. Comprehensive measures should be taken on an emergent basis to address the current economic downturn and contraction. The auto sector, steel is already suffering from degradation in the current situation. The business community fear, if the timely steps were not taken, industrial plants and the businesses will be shut down completely.

Addressing a meeting at Chamber house, President Saboor Malik said that the present situation demands special package for construction and real estate sectors. Capital gain tax (CGT) should be abolished, power and gas prices should not only be reduced immediately but payment of bills should be delayed. Oil prices in the world market have dropped by 30%.

The benefits of lower oil prices in the global market should be directly passed on to the industry. Reduce levy rate on petrol and diesel, he suggested.

Export funds should be released immediately and emergency funds should be issued for the stock market.

The interest rate should be brought immediately to single digits. Power and gas prices should be reduced. The government must formulate a comprehensive policy while realising the ground realities.

President Saboor Malik said that in the present situation the business community is standing with the government. It is not time for scoring points or letting anyone down. At this time one-dimensional strategy will have to take place and it is only through good faith, concrete and comprehensive efforts that the epidemic of Corona virus can be handled. The Chamber is ready to provide all kinds of support here, he offered. He said that various steps were being taken at the chamber level to distribute free masks, organize awareness seminars, hand sanitiser, and food for the needy.