Muhammad Saleem

Entrepreneurs believe that the recent reduction in the electricity prices by the government will serve as a lifeline, bolstering businesses and generating job opportunities.

Talking with WealthPK, Ms Rubina Amjad, Founding President of Faisalabad Women Chamber of Commerce and Industry, said the reduction of Rs7.41 per unit for the domestic needs and Rs6.69 per unit for the industrial sector was a ray of hope for both categories of consumers. People bore the brunt of unbridled inflation, and the government's efforts to provide financial relief to the public is a step in the right direction, she said.

Highlighting the challenges faced by industrialists due to the skyrocketing cost of energy, she remarked that this recent rate cut could help the entrepreneurs bring down the production costs and stay competitive in the market. She also lauded the efforts of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) for convincing the government to reduce the electricity prices.

Ms Rubina expressed confidence that this decision will pave the way for long-term economic stability and contribute to the overall growth of Pakistan’s economy.  Mrs. Shahida Aftaab, President of Faisalabad Women Chamber of Commerce & Industry, also hailed this decision, stating that the reduction in the electricity rates was the need of the hour. She told WealthPK that the long-overdue electricity price cut will help generate jobs and expand industrial activities.

Given the current economic climate, she said that easing inflation was crucial to lessen the financial burden of ordinary citizens. She said that this move is a feather in the government’s cap and a clear step in the right direction. Rubina noted that electricity plays a vital role in determining the industrial costs, and the recent reduction will allow for more competitive production. Pakistan needs policies and actions that can help drive economic growth, she added.

She said the FPCCI leadership was actively working with the government to advocate this vital essential relief. She expressed optimism, saying this decision will give Pakistan a leg up in the international market by making its products more competitive. Ms. Sobia Aqeel, Chairperson of Trade & Export Development Committee of the Faisalabad Women Chamber of Commerce & Industry (FWCCI), said the recent cut was a timely decision that would surely bring far-reaching benefits to the country’s economy and society.

She said the government was struggling to increase exports and entrepreneurs were also eager to follow suit; however, the high energy costs had been a thorn in their side. She expressed hope that this move will help scale up exports and open new doors for trade growth. As the competition heats up in the international market, the demand for quality products at affordable prices has exacerbated. “Now is the time that we pull out all the stops to improve trade balance and create more jobs,” she emphasized.

Sharing the perspective of small and medium enterprises (SMEs), she said the recent rate reduction will help them cut the operational expenses, and give them room to expand their operations and hire more workers. Aqeel noted that this strategic move was a significant step toward the country’s economic revival and women’s economic empowerment.

Women entrepreneurs running home-based businesses will now be better equipped to expand their initiatives and play a more active role in economic progress, she believed. She said the reduced electricity tariffs would also help women better manage their essential household expenses such as food, healthcare, and education.

Credit: INP-WealthPk