(September-18-2023)
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Monday that a great human tragedy is being born across the country due to rising inflation.
Masses are braving petrol bombs frequently, due to which inflation is increasing rapidly, which is making their lives difficult, he said.
Mian Zahid Hussain said that people have been forced to sell their jewellery and other items, compromising the health and education of children to survive.
Talking to the business community, the veteran business leader said that many people are selling valuables and other household items, but the majority are finding it difficult to make a living.
The business leader said that in the current economic situation, those who enjoy power have become completely helpless.
He noted that the number of vehicles at petrol pumps is decreasing and the number of motorcycles is increasing because people who could use cars earlier are now barely using motorcycles.
Many believe that the price of petrol can be increased to Rs 400 per liter. While the masses are starving, the lavish spending of the elite continues in full swing.
On the one hand, inflation is breaking records, and on the other hand, there is a drastic reduction in development expenditure, the effects of which will affect people.
The condition of the economy is not good, and it cannot be stabilized by statements. There is no balance in income and expenditure, foreign exchange reserves are not stable despite the loans from the IMF and friendly countries, local and foreign debt has increased to dangerous levels, and it has become difficult to repay the debt and even pay the interest.
He added that despite the recent improvement in the value of the rupee, it has weakened overall, with exports falling, remittances recording a steady decline, and foreign direct investment almost phasing out.
In these conditions, health, education, social justice, equal opportunities, and the public welfare sectors are badly affected, which can become a big threat to the country’s future.
More than forty-four percent of children are not going to school, and their number is increasing with inflation. Pakistan’s human capital is being destroyed, but no attention is being paid to it, he said.
