Islamabad, June 04, 2023 (PPI-OT): Former President of the Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt said on Sunday that merciless inflation has broken the backs of the people and pushed millions of people below the poverty line. People in rural areas are more affected by the inflation than people in urban areas, which is unfortunate, he said.
Shahid Rasheed Butt said that now that inflation is fully embedded in the system, it will continue to damage the masses with full force in the next financial year to increase public anxiety. In a statement issued here today, he said that according to the data released by the government, inflation has reached 38 percent in the month of May, which is the highest level in the history of the country and in South Asia.
Inflation is increasing, but there has been no increase in the wages of the workers, nor has there been a significant increase in the salaries of public and private employees, he added. The business leader said that people are being affected by inflation and that it has become difficult for them to make ends meet. While the politicians, aristocrats, industrialists, landlords, and bureaucracy do not care about it.
To reduce inflation, it is necessary to improve the price mechanism, deal with hoarders and profiteers according to the law, and import cheap food items from neighbouring countries, he demanded. He noted that authorities are not willing to take an interest in providing relief to the masses as they are all focused on politics.
He said that the FBR has not been able to fulfil its targets, so people should be ready to bear unexpected burdens. Mr. Butt said that if Pakistan had traded with India and given it access to Afghanistan and Central Asia, it would not have invested billions of dollars in Iran, Pakistan would have become very important for New Delhi, and we would not have to beg the IMF and friendly countries for loans.
For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571