Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said devaluation of currency increases exports and decreases imports but in Pakistan sharp decline in the value of rupee has not dented imports which is astonishing.
Pakistan depends on petroleum, palm oil and industrial chemicals and raw material which cannot be controlled without boosting exports, he said in a statement.
Mian Zahid Hussain said that income of a common man should be increased in a country where inflation is higher than other countries of the world, but ignoring this principle has caused serious economic problems.
Talking to the business community, the veteran business leader said that expensive electricity, costly gas and petroleum products will increase inflation while people will have to endure entire burden of tax measures.
