The Association of Builders and Developers of Pakistan (ABAD) Chairman Fayyaz Ilyas has vehemently rejected recent price hike in iron bars and said that the construction industry and Naya Pakistan Housing scheme will suffer due to increasing price of iron bars.
He demanded of the government to abolish regulatory duty (RD) and additional regulatory duty (ARD) on steel import to maintain stability of steel prices.
In a statement, the ABAD chairman said that construction industry was ignored by consecutive governments since seven decades but the present governmentunderstanding the importance of this industry for economic development has announced a special package for the revival of the construction industry in particular and national economy in general.
But, with the restart of construction activities, steel manufacturers have raised prices of steel bars- an important component for construction- many times, making construction more and more costly.
The new price of iron bars has reached to its highest level of Rs1, 42,000 per ton with the recent price hike of Rs5000 per ton, which is not acceptable, he said.
Fayyaz Ilyas demanded of the federal government to abolish regulatory duty and additional regulatory duty on import of steel bars to stabilize steel bars price so that construction industry could flourish and the dream of the prime minister of constructing 5 million houses for people from lower strata of the society could be realized and national economy could be strengthened.–PR