The Pakistan Industrial & Traders Association Front (PIAF) has urged the government to provide level-playing field to business community, as the huge depreciation of Rupee against dollar, record high markup rate and continued hike in power and gas tariffs have escalated the cost of production unprecedentedly, hitting not only the export sector but also the local industry.
In an interactive session with the media, the PIAF leadership lamented that the cost of production has flown upward, reaching the highest level of last seven years mainly due to massive cut in Rupee value versus greenback and record high interest rate, leading to slowdown in economic growth. On this occasion, the industry leadership and senior economic journalists discussed in details the prevailing economic scenario and gave valuable suggestions in this regard.
PIAF Chairman Mian Nauman Kabir suggested a considerable reduction in the key policy rate, taking it into single digit, with a view to providing the private sector access to low-cost borrowing.
