Karachi, Mian Zahid Hussain, a prominent business figure, cautioned against the economic repercussions of escalating utility costs, highlighting the potential for political instability and emphasizing the necessity of fiscal reforms to foster industrial growth and exports in Pakistan.

According to Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain articulated concerns over the government's increasing electriKarachi, gas, and oil prices, describing the potential for such actions to exacerbate governmental risks, particularly as opposition groups might exploit these circumstances to incite unrest. Hussain, who also chairs the National Business Group Pakistan and holds leadership roles in other business alliances, stressed that such economic strategies could precipitate a political crisis, jeopardizing the country's gradual economic stabilization.

Addressing the business community, Hussain advocated for a more equitable taxation system, urging the government to enhance direct taxation and broaden the tax base to include traditionally non-contributory sectors. He criticized the prevailing economic environment, which disincentivizes industrial investment in favor of more speculative real estate ventures, asserting that genuine economic development hinges on prioritizing industrial and agricultural advancement.

Hussain underscored the significant untapped fiscal potential within the agricultural sector and real estate holdings, proposing taxation of large landowners to mobilize substantial revenue. He also touched on issues of black money and smuggling, particularly in the context of gold imports and the property market, suggesting regulatory reforms to curb these illicit flows and enhance revenue collection.

Furthermore, he proposed financial system reforms, including transitioning dollar transactions to formal banking channels and potentially demonetizing high-denomination banknotes to combat corruption and money laundering, referencing India's 2016 currency reform as a precedent with notable economic outcomes.

Hussain's remarks reflect deep-seated concerns within Pakistan's business community regarding the economic trajectory and the urgent need for policy shifts to avert potential crises and set the foundation for sustainable growth.