RAWALPINDI, NOV 17 (DMN) – President RCCI says all stakeholders must be taken on board while formulating industrial policy.
RCCI President
Saboor Malik, in a statement, has said that the monetary policy should be based
on ground realities and stakeholders must be taken on board while formulating
the industrial policy.
He said that Pakistan needed quick revival of
business and industrial activities to improve the health of the economy.
The Rawalpindi Chamber of Commerce and
Industry (RCCI) has urged the government to lower the interest rate as it had
increased the credit cost of commercial banks which is badly affecting the
growth of industrial activities and added more difficulties for the small and
medium enterprise (SME).
President RCCI says all stakeholders must be taken on board while formulating industrial policy
He said that the sharp increase in interest
rate had discouraged the investors from considering Pakistan for investment and
badly affected investment in different projects.
The current rate of interest rate, and 13.25
percent had made the cost of credit unaffordable for business community and
badly affected their efforts for promoting business activities.
The government recent data shows that trade
deficit has sharply declined, almost 35% in last quarter, this has given a huge
breathing space and SBP should revise the interest rate here, he suggested.
He asked Advisor on Finance, Revenue Dr Hafiz
Sheikh to review the SBP monetary policy and must hold a meeting with the
business leaders to discuss and devise a new strategy for steering the economy
out of current troubles.
President RCCI says all stakeholders must be taken on board while formulating industrial policy
He said that Pakistan economy is facing huge
challenge of export fall.
Contraction in Large Scale Manufacturing
(LSM), unemployment, lack of infrastructure and impediments in taxation.
The sharp decline in low interest can
re-energize the industrial wheel, he added. Lower interest rate will also ease
the pressure on Government to make its key projects like Kamyab Nojwaan and
Ehsaas, he further added.=DMN
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President RCCI says all stakeholders must be taken on board while formulating industrial policy
Reviewed by DM NEWS
on
November 17, 2019
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Reviewed by DM NEWS
on
November 17, 2019
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