Business Recorder
KARACHI: Pakistan’s business community has issued a stark warning of impending economic stagnation, demanding the immediate reversal of recent fuel price increases while simultaneously endorsing a smart lockdown to manage the country’s deepening energy crisis. According to a statement issued Monday, Karachi Sindh Tajir Ittehad Chairman Sheikh Habib and All City Alliance of Market and Mall Associations President Faheem Nouri, stressed that without curbing non-essential energy consumption, further economic detriment was unavoidable. They said that soaring electricity, gas, and petroleum costs had severely hampered commercial activities. As a temporary solution, the business leaders supported limiting business and office hours in phases. They contended such measures would help conserve vital resources, alleviate traffic congestion, and improve urban management, citing the success of similar policies implemented globally. The business leaders vehemently rejected the government’s justification for the latest price hikes in petrol, diesel, LNG, and CNG, dismissing references to Iran-US tensions. They termed the continued practice of transferring global market fluctuations onto citizens as an economic injustice that directly undermines businesses and jeopardises employment. Criticism was also levelled at the government’s approach to subsidies, with an appeal for authorities to stop making announcements without clear implementation plans. The traders warned that such promises create false hope and subsequently fuel public frustration and mistrust. Addressing the Sindh administration, the leaders clarified their non-political stance but highlighted a growing sense of deprivation among Karachi’s residents compared to relief measures seen in other provinces, particularly Punjab. They emphasised that as the backbone of the national economy, Karachi requires urgent and prioritised solutions. Conclusively, the leaders called for their inclusion in the policymaking process to ensure decisions are realistic and effective, reaffirming its willingness to support any transparent and inclusive steps taken in the national interest.
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