Sunday, January 24, 2021

Mian Zahid: Majority of critical sectors showing dismal performance

Featured

Who is Joe Biden? – Learn more about the United States 46th President

Who is Joe Biden? The new American president was Barack Obama's deputy for eight years and a senator for...

Macron welcomes US back to the climate agreement

French President Emmanuel Macron tweeted on his Twitter account, directing the tweet to President Joe Biden and Vice President...

Nancy Pelosi: “We are ready to work under the slogan of a united America”

US House of Representatives Speaker Nancy Pelosi said, "We are ready to work under the slogan of a united...
Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday demanded steps to end pessimism in masses and business community through result-oriented intervention.

- Advertisement -

Current account deficit has been reduced during the last two months which has supported foreign exchange reserves to some extent but it isn’t enough, he said.

Mian Zahid Hussain said that growth and production in the industrial sector is on the decline, textile, general industry and large-scale manufacturing is in tatters, auto production has been halved, agriculture, textile, services, local and foreign investment, and stock exchange are facing problems while other sectors are also going down.

Talking to the business community, the veteran business leader said that exports are not picking up and borrowing continues to increase which is hurting the GDP.

The former minister noted that prices of many necessities has been increased by 123 percent, the gas price has increased by 143 percent in one year, power tariff has increased by 12 percent, petrol is now 23 percent dearer, unemployment has jumped by 5 percent, medicines have become costly up to 200 percent, health facilities are seven percent expensive and education has become expansive by 7 percent.

He said that inflation has broken the back of masses and it is generally believed that the situation will go from bad to worse as economic realities cannot be kept hidden from the masses who are facing it on daily basis. The masses who were pinning hopes on the government to improve the situation in record time has deteriorated it million have lost jobs and businesses.

- Advertisement -

He said that power loom owners in four districts of Punjab have decided to go on strike, car dealers of Lahore have planned to lay siege to Governor House, hospitals have no medicine and vaccines leading to deaths which has infuriated masses.

The economic realities have swept away the optimism of masses and their disappointment, as well as frustration, is increasing by the day.

Read also: Mian Zahid: Reduced cotton production will be a threat to textile industry

- Advertisement -
Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]
- Advertisement -

Latest News

Who is Joe Biden? – Learn more about the United States 46th President

Who is Joe Biden? The new American president was Barack Obama's deputy for eight years and a senator for...

Macron welcomes US back to the climate agreement

French President Emmanuel Macron tweeted on his Twitter account, directing the tweet to President Joe Biden and Vice President Kamala Harris to welcome the...

Nancy Pelosi: “We are ready to work under the slogan of a united America”

US House of Representatives Speaker Nancy Pelosi said, "We are ready to work under the slogan of a united America". US President Joe Biden has...

Trump using presidential pardon to save potential allies

The renowned newspaper, USA Today, saw that President Donald Trump is using his power to save allies from legal risks, considering that he is...

Biden’s inauguration ceremony: Security on high alert in the American capital

The American capital has been in a state of security alert and tightening precautionary measures, with the approaching hour of the officially elected president...

Related News