‘N’ infusing confidence in business community:Farida Rashid

Lahore:  President Islamabad Women’s Chamber of Commerce and Industry (IWCCI) Farida Rashid on Friday said PML-N is putting its words into action to boost the morale of business community and masses which is imperative for an economic turnaround.

Business community is largely upbeat as the steps and policy statements by PML-N leaders are highly encouraging, she said while speaking at a seminar regarding energy crisis and other challenges.

President Pakistan Economy Watch Dr Murtaza Mughal, President ICCI Zafar Bakhtawri, former presidents ICCI Zahid Maqbool and Basit Dawood, Kokab Iqbal advocate and others were also present on the occasion.

Farida Rashid said that the new government has taken office at a critical when problems have deepened, new challenges have appeared including shrinking resources and internal as well as external situation is far from satisfactory.

But, she said, we have full faith in capabilities and sincerity of PML-N which can steer country out of the current mess created by five years of neglect, mismanagement and corruption.

She said that energy scarcity has become a national security issue which has wasted ten per cent of the GDP in last five years.

Government should immediately intervene to put power sector back on rails as it is beyond the capacity of the private sector, said Farida Rashid.

Using imported oil to generate power has not only stressed whole country and forex reserves but exposed masses and business community to shocks which is a threat to growth, the IWCCI president observed.

Speaking on the occasion, Dr Murtaza Mughal said that former government’s failure to upgrade and maintain old facilities not only caused the production fall but also contributed to higher cost of generation.

He said that a radical restructuring of the power generation sector and mega investments in hydro, coal, and nuclear energy can provide a lasting solution to the energy crisis.

Pakistan cannot successfully turnaround unless the leadership can motivate the people to move towards a common goal, said Dr Mughal adding that Nawaz seems only option to recover the nation’s socio-political and economic health.

Zafar Bakhtawri, Zahid Maqbool, Basit Dawood, and Kokab Iqbal said that present of circular debt and corruption will never allow country to progress.

We should manage our policies without taking dictation and take strong decisions as soon as possible including appointment of managers on merit instead of political basis, the business leaders said.