Reduction in interest rate and Zero load shedding are steps to move in right direction: Zakaria Usman
Karachi, November 19, 2014 (PPI-OT): The President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mr. Zakaria Usman applauded the decision of government for zero loadshedding to industries throughout the country, which would help the industries to increases their production and to achieve their exports related targets.
He said that it is a wise decision of government which will provide some relief to the manufacturing sector which was severely affected due to bad law and order situation, high interest rate and long and unannounced load shedding. The manufacturing sector growth has now started recovering, but it is still lower due to high manufacturing cost and lower banks credit to private sector.
He also appreciated that this decision of government will not affect the domestic consumer because government has increased its power generated capacity. He hoped that the continuity in the power policy of government will definitely help in near future to alleviate the complete load shedding and boosting economic activity. He further added that the survival of a country only depended on sound economy, which needed peaceful atmosphere, better law and order and business friendly environment.
Mr. Zakaria also appreciated the decision of SBP to reduce 0.5 bps in interest rate. He termed that reduction in interest rate, removal of load shedding and decline in oil price will definite improve the business environment and reduce the cost of doing business. All these steps of government will definitely encourage the investors to make investment; which is need of the time.
For more information, contact:
M. A. Lodhi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: +92-21-35873691, 93-94