Naveed Ahmad Khan
The fertilizer industry has voluntarily held back the impact of recent gas price increase, in order to prevent backlash of recent gas price hike from farmers. This was agreed on request of Advisor Industries, Razak Dawood. The Advisor has assured the industry about settlement of GIDC effective 01 July to mitigate the loss to industry due to increased cost of production.
The industry is optimistic regarding the GIDC settlement as agreed by Asad Umer in January this year to reduce the rates by 50% since inception and prospectively as well. The fertilizer industry has already paid Rs 127 Billion on account of GIDC upto 2015, unlike other sectors withholding the bulk of GIDC payment. The industry expected settlement of outstanding Rs 20 Billion on account of subsidy as well as GST refund to the tune of 24 Billions in the process.
The fertilizer industry has shown its full confidence in the leadership of Razak Dawood, who fully appreciated the contribution of industry to national economy and food security and expressed his appreciation for the gesture.