By Shams Abbasi
ISLAMABAD, Dec 17 (APP): Despite challenges, the comprehensive strategies implemented by the caretaker government have led to notable economic progress, evident through various indicators and recognized by both the business community and experts.
The business community and economic experts described the reduction in oil prices stability of the exchange rate and outstanding performance of Pakistan Stock Exchange (PSX) as positive for the country’s economy.
Talking to APP, they said, the petrol price has come down from Rs 331.38 in January 2023 to Rs 267.34 now, showing a decrease of Rs.65 rupees, adding it would result in a decrease in the inflation rate; further strengthening the exchange rate and lead PSX towards more positive performance, besides helping in promoting local market and external sectors of the economy.
President of Federation Pakistan Chamber of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh told APP that the government had decided to give the benefit of the fall in international prices to the industry and the domestic consumers.
The President of FPCCI said that it will have a good impact on domestic industry including internal and external sectors.
Sheikh said that stability in the exchange rate, which has crossed the limit of Rs 300 and is now between Rs 280 and Rs285, is proof of the success of the government’s administrative measure.
He said that there has been an upward trend in the stock exchange for the last few months, which is pleasing.
The President said that the government needs to take more measures to give industry businesses a chance to grow in the country.
Talking to APP, President ICCI, Ahsan Zafar Bakhtawri said that the reduction in petrol prices will reduce inflation in the country and more buyers will come to the market. He said that the country’s economic situation was improving at present, which would benefit the common man including the business community.
On this occasion, President Faisalabad Chamber of Commerce, Dr Khurram Tariq said that the reduction in oil prices, stability in the exchange rate and improvement in the stock exchange are the result of the current government’s better economic policies.
He said that the government should come towards business regulation and take measures for ease of doing business so that there is more economic growth in the country.
Meanwhile, the President of Sialkot Chamber of Commerce and Industry, Abdul Ghaffar said that Sialkot is the major export city of Pakistan and the fall in oil prices will have a positive impact on the external sector.
He said that the government’s initiatives to improve the business environment in the country are commendable.
President of Lahore Chamber of Commerce, Mian Kashif Anwar while talking to APP said that the stability of oil prices and exchange rates are necessary for each other. He said that the decrease in oil prices and exchange rates has positively affected the industrial sector of Lahore.
Meanwhile, President Rawalpindi Chamber of Commerce and Industry, Sakib Rafiq said that the price of petrol will have a positive impact on local businesses, which will allow the industry to grow.
On this occasion, the vice-chairman of the All Pakistan Textile Mills Association (APTMA- Punjab), Zahid Mazhar, said that the decrease in petroleum prices and stability in the exchange rate will have a positive impact on the largest textile sector in the country’s economy.
He said that the textile sector has the largest share of the country’s Gross Domestic Product (GDP) at present.
Meanwhile, the president of the Sarhad Chamber of Commerce and Industry, Mr Ejaz Khan Afridi described the reduction in oil prices as welcoming.
President Quetta Chamber of Commerce and Industry Haji Abdullah said that the business community of Quetta, including the industrial sector, considers the current government’s economic policies in the right direction and the current economic stability is a big proof of this.
Meanwhile, renowned economist and former finance minister, Dr Hafeez Pasha, while talking to APP, said that the oil prices in the world market decreased due to which the government reduced the oil prices to benefit the domestic industry and the common people.
He said this will reduce the inflation in the country and especially the price of energy. Hafiz said that the progress in the stock exchange and the reduction in the value of the dollar will have a significant impact on the country’s economy.
On this occasion, President PRIME, Ali Salman said that the current economic situation in the country is stable due to the reduction in oil prices and stability in exchange rates. He said that at this time there is a need to bring a business regulation regime and improve tax policy, foreign investment and export.
President Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, President of Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari, President of Faisalabad Chamber of Commerce and Industry (FCCI) Dr Khurram Tariq, President of Sialkot Chamber of Commerce and Industry, Abdul Ghaffar, President Lahore Chamber of Commerce and Industry, Mian Kashif Anwar, President of Rawalpindi Chamber of Commerce and Industry, Mr Sakib Rafique, Vice Chairman of All Pakistan Textile Mills Association(APTMA-Punjab) Zahid Mazhar, President of Sarhad Chamber of Commerce and Industry, Ejaz Khan Afridi, President of Quetta Chamber of Commerce and Industry, Haji Abdullah, Including Renowned economist and Ex. Minister for Finance, Dr Hafiz Pasha and President of Policy Research Institute of Market Economy (PRIME)Ali appreciated the economic policies and economic achievements of the current government. They praised the efforts being made by the interim setup for the development of the economy.
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