SCCI rejects increase in power tariff

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) on Friday rejected the recent increase in the power tariff by Rs4.74 per unit. According to a press release, SCCI President Hasnain Khurshid Ahmad was chairing a meeting of industrialists at the Chamber House.

SCCI Senior Vice-President Imran Khan Mohmand, Vice President Javed Akhtar, members, exporters and representatives of the business community attended the meeting. Hasnain Khurshid said the cost of industrial production had increased exponentially owing to frequent increase in electricity and gas tariff. He noted the prices of manufacturing products had gone up which directly affected the people and caused unemployment.

He asked the government to withdraw the decision regarding the hike in power tariff. He also opposed the announcement of the monetary policy eight times a year instead of six times and said the decision of State Bank of Pakistan (SBP) was not in the interest of the business community. As per schedule, the SCCI president said, the SBP would announce monetary policy on December 14, next week, calling for retaining the interest rate to maintain sustainability and ensure recovery of businesses, industries and national economy that had been adversely hit by coronavirus pandemic.

The meeting was told that the SBP had decided to announce monetary policy eight times a year instead of six times, saying the move was unfavourable for the national economy, businesses and industrial growth.

The participants of the meeting slammed the promulgation of the ordinance granting autonomy to State Bank of Pakistan and termed it the agenda of the International Monetary Fund. Hasnain Khurshid said that reduction in interest rate was inevitable to cope with rising inflation and unemployment