SM Tanveer Highlights Economic Challenges Faced by Industries Under Current Federal Budget

Karachi: SM Tanveer, Patron of the United Business Group and former Provincial Minister of Punjab, has voiced significant concern regarding the current economic challenges faced by industries in Pakistan, exacerbated by recent price hikes and tax increases in the federal budget.

According to United Business Group, during a recent meeting in Karachi with key members of the business community, Tanveer discussed the dire effects of the federal budget on various sectors including textiles, garments, pharmaceuticals, and construction. He detailed how excessive electricity rates and other rising costs have led to industrial shutdowns and job losses, notably affecting the middle and lower classes by making basic necessities unaffordable.

Tanveer criticized the government's agreements with Independent Power Producers (IPPs), citing that the hefty capacity charges, amounting to 2 trillion, have severely impacted the economy. He called for urgent governmental action to reduce costs, implement austerity measures, and revise the budget to support the struggling sectors and reduce the financial burden on small traders and industries.