Levy on petroleum products will increase inflation: Faraz


KATI welcomes 10-year economic policy, calls for consultation with stakeholders

Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rehman welcomed the preparation of a 10-year economic plan by the government. He said that there was a long-standing demand from the businessmen and industrialists that the government formulates a 10-year economic policy or charter of economy, but in this decision consultation with the stakeholders should be mandatory.

While discussing the economic plan, President KATI said that increasing the levy on petroleum products from Rs.70 to Rs.100 per liter will increase the inflation rate, which the people and the business community cannot afford.

Faraz-ur-Rehman said that before imposing an additional tax on the traders and business community, the government should have talked with the business community so that the additional tax on the industry which is on the brink of collapse would not prove to be more harmful.

He said that debt restructuring is a positive step, in this regard the government should contact friendly countries and especially should pave the way for negotiations with the IMF to remove the immediate shortage of reserves.