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KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has appreciated Prime Minister Imran Khan’s decision to provide relief to the industry by reducing electricity tariff.
Addressing a press statement, FPCCI President Mian Anjum Nisar appreciated the PM’s bold initiative to reduce electricity tariffs for SMEs and industries. “The FPCCI had for long been striving for a balanced electricity tariff so that our industry could compete with the region. The struggle is now over as the government has realized the issue,” he stated.
He said that the reduced cost of electricity will positively impact local markets, help the country overcome inflation, and lead to economic growth.
FPCCI President urged the businessmen, traders and industrials to avail the benefits of this facility and play their part by increasing their production as well as export volume. “It is high time to put all energy and efforts towards the socio-economic development of the country,” he added.
Prime Minister Imran Khan on Tuesday unveiled a major relief package of the electricity tariff for small and medium industries to benefit from reduced energy costs.
Addressing the nation after a meeting of the federal cabinet, the prime minister said that starting November 1, the additional electricity used by SMEs will be sold at a 50 percent lower cost till June 30 next year.
“So whatever amount of electricity they used in addition to the level that they used last November, it will cost half of what it did previously,” he explained. “For example, the electricity that costs Rs16 per unit will now cost Rs8.”
The prime minister explained that the cost of electricity in the country was expensive because previous contracts signed for power generation were expensive which had adverse effects for the country.
He said that these rates will then be revised beyond the aforementioned date. He said all industries will be provided additional power at 25 percent of the rate for the next three years. The prime minister also said that industries will pay reduced electricity costs at all times and the concept of ‘off-peak hours’ will be redundant.
He said that after the coronavirus lockdown period, the nation has witnessed record-high cement sales, as well as high levels of automobile sales while the construction industry is also booming.
The prime minister lamented that the service industry was severely impacted during the lockdown period and it was necessary to support the industrial sector. He stated that the package would not only increase exports but would also give a boost to domestic industries.
