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FAISALABAD, Jan 30 (APP):Faisalabad Chamber of Commerce & Industry (FCCI) President Farooq Yousaf Sheikh has welcomed Prime Minister Shehbaz Sharif’s decision to reduce electricity tariff for industries by Rs.4.4 per unit and termed it a positive and timely step towards sustainable economic growth, revival of industrial productivity and enhancement of exports.
He expressed these views after attending a ceremony in Islamabad on the invitation of the Prime Minister, where leading industrialists and traders from across the country were also honored for their contributions.
In a statement here on Friday, Farooq Yousaf Sheikh said that high electricity tariffs had severely affected industrial productivity and exports while the trade bodies nationwide had been consistently demanding a meaningful reduction in power tariffs for a long time.
He said that along with Rs.4.4 per unit cut in electricity tariff, the government had also significantly reduced wheeling charges while export refinance rates, with the cooperation of banks, had been lowered from 7.5 percent to 4.5 percent, providing much-needed relief to the exporters.
He said that the government assumed power amid difficult economic conditions but within a short period, it had put the economy and exports back on the path of growth.
The FCCI Chief, on behalf of the business community, thanked the Prime Minister for these initiatives and said that the government had already reduced the policy rate from 23 percent to 10.5 percent.
He expressed confidence that these measures would accelerate industrial activity, create new employment opportunities and help the country to achieve its export targets.