ICCI welcomes relief package for small industries

Islamabad: The Islamabad Chamber of Commerce and Industry has welcomed the relief package of Rs75 billion announced by Federal Minister for Industries Muhammad Hammad Azhar for small businesses and termed it a very positive step that would provide crucial relief to these businesses in these difficult times when they were struggling for survival due to Covid-19 impact.

Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry said that relief package would benefit around 3.5 million small businesses affected by the lockdowns caused by Covid-19 and would help them in reviving business activities.

He said that government has also announced to give relief to businesses in payment of electricity bills, which was very encouraging decision as businesses with 5KW connections and industries with 70KW connections will not have to pay their bills for the months of May, June and July 2020.

He said this will reportedly help 95% commercial connections and 80% industrial connections. ICCI president said that government has announced to provide another financial aid package to businesses in the next phase and stressed that government should finalize it in consultation with all stakeholders.

He stressed that government should also further bring down the key policy rate and sales tax to at least 5 percent that would provide significant relief to businesses and help them in early revival of business activities. It would cut down cost of doing business, accelerate the pace of trade and industrial activities and reduce inflation providing great relief to the common man as well.