‘Review budget anomalies’
July 14, 2021
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Karachi Chamber of Commerce and Industry (KCCI) and Pakistan Yarn Merchants Association (PYMA) have jointly condemned decisions of Senate Budget Anomalies Committee and asked for a new review.
The chambers and association decided to make joint efforts to eliminate budget anomalies in federal budget 2021-22, and condemned the self-imposed decisions of the Senate Budget Anomalies Committee, a statement said on Tuesday. In this regard, the FPCCI and KCCI attended a meeting at the PYMA office.
Expressing strong reservations, FPCCI President Nasser Hyatt Maggo said the decisions of the committee were not acceptable to the business community, who were not taken into confidence on the matter.
LSM sector grows 14.57% in 11 months
Maintains uptrend on back of government’s pro-growth policies
KARACHI:
Large industries like textile, food, automobile, and petroleum oil industry have maintained growth momentum in the wake of the government’s pro-growth, industrial-friendly and export-oriented policies.
The large-scale manufacturing sector’s (LSM) output grew 14.57% in the first 11 months (Jul-May) of the fiscal year ended June 30 compared to a negative growth of 10.32% in the same period of last year, the Pakistan Bureau of Statistics (PBS) reported on Tuesday.
Ten large industries, out of total 15 listed in LSM sector, posted surge in production in the 11 months under review including textile, food, beverages & tobacco, coke & petroleum products, pharmaceuticals; chemicals, non-metallic mineral products, automobiles, iron & steel products, fertiliser and paper and board.
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Industrialists’ group announces support for PSP
July 12, 2021
Industrial and business community leaders under the banner of the Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) United Business Group (UBG) have announced extending its all-out support for the Pak Sarzameen Party (PSP) and its chief Mustafa Kamal in the next elections.
The announcement was made at a gathering of industrialists on Saturday hosted in honour of Kamal by SM Munir, the UBG head, at the residence of renowned industrialist Zubair F Tufail.
According to a statement issued by the PSP, UBG leader Khalid Tawab said Karachi was built by Kamal during his mayorship and only he could restore its lost glory.
Daily Times
Mian Anjum Nisar asks govt to resolve power sector circular debt issue without escalating electricity cost
The Federation of Pakistan Chambers of Commerce and Industry’ s Businessmen Panel Chairman Mian Anjum Nisar has said that the growing circular debt in the power sector is a continued threat for the economy, as financial imbalance is looming large because of mismanagement, incompetence and lack of transparency have marred the power sector.
Mian Anjum Nisar said that the power sector circular debt issue should be resolved holistically without escalating electricity cost, as its size has doubled during the last two years in spite of raising the power tariff multiple times in the past.