Business Community and Experts Applause for Government’s Economic Strategies

Despite facing challenges, the caretaker government’s comprehensive strategies have resulted in significant economic advancements, as evident from various indicators, receiving acclaim from both the business community and economic experts.

The business community and financial analysts have lauded the positive impact of the government’s measures, highlighting the decrease in oil prices, stability in the exchange rate, and the remarkable performance of the Pakistan Stock Exchange (PSX) on the country’s economy.

In discussions with APP, they emphasized that the price of petrol has witnessed a notable decline, dropping from Rs 331.38 in January 2023 to the current Rs 267.34, marking a substantial reduction of Rs. 65. This reduction is expected to contribute to lowering the inflation rate, reinforcing the stability of the exchange rate, and steering PSX towards a more optimistic performance. Additionally, it is anticipated to foster growth in the local market and boost the external sectors of the economy.

Irfan Iqbal Sheikh, President of the Federation Pakistan Chamber of Commerce and Industry (FPCCI), conveyed that the government’s decision to pass on the benefits of the international price drop to both the industry and domestic consumers will have a positive impact. Sheikh emphasized that this move will particularly benefit the domestic industry, encompassing both internal and external sectors.

Highlighting the success of the government’s administrative measures, Sheikh pointed to the stability achieved in the exchange rate, currently ranging between Rs 280 and Rs 285, surpassing the previous limit of Rs 300. He also noted the upward trend in the stock exchange over the past months, expressing satisfaction.

Sheikh urged the government to take further initiatives to facilitate the growth of industry businesses within the country.

Ahsan Zafar Bakhtawri, President of the Islamabad Chamber of Commerce and Industry (ICCI), shared with APP that the reduction in petrol prices is expected to alleviate inflation, attracting more buyers to the market. He expressed optimism about the current improvement in the country’s economic situation, anticipating benefits for both the common man and the business community. —APP