The recent decision by the caretaker government to hike gas rates has created waves of concern in Pakistan’s industrial circles, painting a grim picture of possible consequences. Industry bodies are sounding the alarm over possible industrial shutdowns, increased unemployment, and damage to the export market if the decision is not withdrawn immediately.
Chairman of All Pakistan Textile Mills Association, Asif Inam, expressed his concern over the plight of Pakistan’s textile and apparel exports. Rising energy prices are putting the country at a disadvantage in the global market. Asif Inam has warned that the textile and apparel sectors could be on the brink of collapse if production costs continue to skyrocket, dealing a severe blow to the economy. which is already facing challenges. Skyrocketing energy prices not only threaten the survival of local industries but also put Pakistan at risk of losing ground to competitors like India, Bangladesh and Vietnam. High production costs make it difficult for Pakistani products to remain competitive in international markets. This could result in a significant drop in exports, adding to the economic challenges facing the country.
Site Association of Industry President Muhammad Kamran Arbi expressed his disappointment over the lack of support from the caretaker government. The continuous increase in petroleum, electricity and gas prices has made running the industry an unprofitable venture. The business community is frustrated with the failure of the caretaker government to revive the engine of the national economy.
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Korangi Association of Trade and Industry President Johar Kandahari is calling for an immediate review of gas prices and finding cheaper energy alternatives. The current momentum, if not checked, may threaten the stability of Pakistan’s economy, leading to increased unemployment, and slowdown in industrial activity.
The caretaker government should act responsibly and interact with industry bodies to address the concerns of the industrial community and find cost-effective solutions to maintain the competitiveness of Pakistani products in the global market. Ignoring these concerns can create a storm not only for the industries but also for the economic scenario of the entire country.
