(July 05, 2019)
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 lauded the PM Imran Khan for steps taken to protect the poor from rising inflation. More steps should be taken to shield poor otherwise, inflation will push million into food insecurity which will also hit growth rate, he said.
Talking to the business community, the veteran business leader demanded steps to bring down the price of flour and sugar as there is no scarcity of food in the country but its price is a challenge for poor.
He said that despite good wheat crop the price of flour has been increased six times during the last four months while the sugar sector contributing eighteen billion in taxes has been subjected to seventeen percent sales tax which has increased its price beating expectations.
The former minister noted that now the sector of ghee and cooking oil is also bracing for an increase of Rs 18-20 per litre which will result in problems as the per capita consumption of this item in Pakistan is already below the global average.
The price of fertilizer has been increased by Rs 210 per bag to hit the agriculture sector and increase prices of staple, fruits and vegetables.
He said that the Prime Minister should oversee the prices mechanism by himself to keep prices of essentials under control.