LAHORE, Sept 10 (APP)- Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Wednesday said that hike  in power tariff would cause increase in cost of production that  would eventually lead to cut in export orders and badly hamper industrial production in the country.

Acting President FPCCI, Tufail M Zubair told APP today that 40 per cent increase in power tariff has created unrest among the industrial sector,especially the manufacturers already hard hit by high input costs including gas,petrol,electricity as well as weak Pak rupee against dollar.

Vice President SAARC Chamber of Commerce and Industry,former President,FPCCI and veteran trade leader, Iftikhar Ali Malik said that the industry is already facing severe energy crisis and increase in electricity bills at this critical juncture of time would squeeze the liquidity.

He said that high tariff of power has created another severe liquidity crunch for the importers of industrial raw material. 

Iftikhar Ali Malik said that keeping in view the business scenario world over, the high rate of mark up by banks be reduced to single digit to provide solace to hard hit industry. He warned that the national economy will suffer further if immediate corrective measures are not taken to save the industry.

President LCCI, Muhammad Ali Mian said that 40 per cent increase in power would further burden the industrial sector which, he added, is already facing high mark up rate, and serious energy crisis. “All these factors are driving the cost of doing business upward”, he added.

Tufail M Zubair,Iftikhar Ali Malik and Muhammad Ali Mian urged Prime Minister and Federal Minister for Water and Power  to reconsider their proposals in the interest of the national economy and businesses.