ISLAMABAD: President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari on Friday urged the government to privatize the power companies to get rid of losses.

He also urged to focus on increasing the share of hydropower to provide cheap electricity to consumers across the country, said a press release.

ICCI head leading a delegation visited the Islamabad Chamber of Small Traders and Small Industries (ICSTSI) and addressing their members, said that Pakistan’s total revenue last year was around Rs7,000 billion and the power sectors total revenue was around Rs.12,000 billion, but still the sector is in great loss.

He said that Pakistan had the potential to generate over 100,000 MW of hydropower and if exploited, it can make the country a rich economy of the region.

He said the government had further hiked the prices of petrol and diesel taking them to over Rs300 mark for the first time in the history of Pakistan, which would have negative impact on the people and the businesses.

He said the value of dollar has doubled within a period of just over two years as its value on May 31, 2021 was Rs154, which has surged to Rs305 on August 2023.

He said the total impact of high energy prices and rising dollar rate would unleash a new wave of unbearable inflation for the people and cause closure of many SMEs.

He urged the government to immediately engage the business community in consultation to devise a way forward for the revival of the economy, otherwise the businesses and the overall economy would plunge into deep troubles where things can go out of control.

Sajjad Sarwar, President, Islamabad Chamber of Small Traders and Small Industries (ICSTSI) said that the imposition of many taxes on the electricity bill, including sales tax, advance income tax, electricity duty, fuel price adjustment, F.C. surcharge and TV fee is accounting for almost 40pc of the total bill.

Published in Dawn, September 2nd, 2023