‘People feel insecure due to high inflation’

KARACHI: Chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain has said that the vast majority of people are considering themselves insecure due to inflation and electricity bills.

He said that the relationship between the people and the welfare state is constantly weakening, and the youth are eager to seek employment outside the country.

Mian Zahid Hussain said that the country’s population is increasing faster than its harmful effects on its economy. He said that General Zia-ul-Haq was a controversial ruler. Still, there was no inflation during his time.

All the Deputy Commissioners used to be present in vegetable and fruit markets before dawn, and they used to take strict action against profiteering. Similarly, he said, the magistrates did not allow the price of anything, including milk, curd, bakery, etc., to increase.

After Zia-ul-Haq, the inaction of the administration has crippled the country’s economy and the people. Inflation has come down from 35 percent to 12 percent. Still, due to a lack of market control, the situation has reached the point where people are hopeless about their future.

He said that there is no respect for Pakistani passports and Pakistanis in the world, and the system is being run through a begging bowl having huge holes of IPPs.

Mian Zahid Hussain said IPPs have stolen two thousand billion rupees from consumers this year. In comparison, they are ready to steal 2800 billion rupees next year.

He said the biggest shock to the country’s economy in recent years was IPPs and obsolete electricity systems. At the same time, the second major shock is the failure of government institutions, which consume 1200 billion rupees of public tax annually.

Also, tax evasion of 4000 billion rupees per year is evident. Due to these factors, the country’s economy and reputation are being destroyed, and the government has reached the threshold of bankruptcy.

Mian Zahid Hussain said Pakistan would immediately go bankrupt if China demanded loans. Even in these circumstances, instead of decreasing, government expenses and national debts are continuously increasing, terrorist activities are going on in the country, and our soldiers are martyring themselves.