The Friends of Business & Economic Reforms (FEBR) has warned the government of missing its annual growth targets in three major sectors, including agriculture, industry and services, stressing the need for dropping markup rate and energy prices for local industry to stimulate industrial growth further.
“Businesses were bearing the brunt of high cost of doing business, very hefty interest rate and documentation drive by the Federal Board of Revenue,” observed FEBR President Kashif Anwar.
In a statement issued here today, he hailed the positive growth in large-scale manufacturing (LSM) after a long time, saying it would help create jobs, as the large industries have bounced back last month, posting a healthy growth of nearly 10 percent.
While praising PM Imran Khan for reversing his decision regarding increase in power tariff for the export sector, he said that the whole industry, being part of the economy, should be given relief. He said that increases in electricity prices or additional charges to the bills are no solution to the power sector problems. The government should address inefficiencies in the system.
FEBR President Kashif Anwar observed that the LSM output increased by 9.66 percent in December over the same month of the last year, breaking a cycle of constant contraction in past over one year, which is good news.
