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| May 20, 2005 | Friday | Rabi-us-Sani 11, 1426 |
‘Inflation, trade deficit nullify growth rate’
LAHORE, May 19: Pakistan Industrial and Traders Associations Front chairman Muhammad Ali Mian has said that achievement of over 8 per cent GDP growth rate had become meaningless on account of increase in inflation and trade deficit. The PIAF chief said at a meeting here on Thursday the people were finding it hard to believe the government announcement in respect of high GDP growth rate and increase in foreign exchange reserves because they were finding it hard to make both ends meet on account of unchecked increase in cost of living.
He said increase in inflation and trade deficit posed a serious threat to economic growth and required to be tackled on priority basis. The government should also find a lasting solution to the problem of high prices of foodstuffs instead of opting for imports from India.
Lahore Chamber of Commerce and Industry Law and Order Standing Committee convener Mubashar Sheikh said the people would accept the government claims on economic growth and prosperity only when their problems would be solved and the essential commodities and utilities would be available at fair prices.
The government should ensure availability of electricity, gas, diesel and water to industry and agriculture at low rates to facilitate reduction in prices of foodstuffs and industrial products, he added.
Lahore Township Industries Association former chairman Mian Abu Zar Shad said the government should pay special attention to poverty alleviation and job creation in the next budget because class hatred was likely to increase on account of growing poverty and unemployment. The government should also promote the culture of simplicity to discourage the race for acquiring wealth.
Pakistan Autoparts Exporters Association chairman Tahir Javed Malik said the government should allocate funds for starting work on at least one big dam in the forthcoming budget to generate cheap hydle power for agriculture and industry. Rate of markup on export finance and industrial loans should also be reduced to facilitate industrial growth, he added.
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