Muhammad Saleem

Shafaqat Ali tried his best to sustain his business – a power loom – but had to close it down over exorbitant rates of electricity and unbridled expenses. He told WealthPK that spiraling costs of electricity are hitting every segment of society, particularly businesses and the industrial sector. “We are eagerly awaiting the government’s response to see how it will extend a helping hand to the industry and businesses, ensuring their survival.” However, he said it seems policymakers are turning a blind eye to their issue. “People are between a rock and a hard place because of the runaway inflation. Rulers are raising hollow slogans instead of resolving the issues genuinely. This approach will shake the confidence of the business community,” he added. He apprehended that if factory owners retrench their workforce, a critical law and order situation will grip the country.   Haji Salamat Ali, a textile exporter, told WealthPK that entrepreneurs are facing multifaceted challenges due to the uncontrolled prices of electricity. He said they have been crying for a level playing field for the past few years, but all in vain.

He said the regional countries like Bangladesh and India are enjoying electricity at very low rates. “On the contrary, businesses and salaried class in Pakistan are being pressed to bear the burden of high prices,” he added. “The high electricity rates are hampering the growth of the national economy and job creation. Without a stronger economy and jobs, we will not be in a position to say goodbye to the International Monetary Fund.” Criticising those in power, Salamat said: “Our policymakers remain in a state of slumber and are not actively working to take the bull by the horns. We must perform now, or there will be no room for us to thrive,” he warned. He said that entrepreneurs are hard done by the high electricity prices. “Our foreign buyers are exerting pressure to fulfill shipment promises on time. We fear that Pakistani exporters will lose their decades-old foreign clients due to the energy crisis. The rulers must resolve this matter without delay,” he requested.

Salamat said while the countries are fast transitioning to green energy, Pakistan was still relying on imported fuels for power production, driving up the costs. “The Independent Power Producers are like a wrecking ball hitting the entire country,” he added. Bilal Ahmed, a farmer, said due to the fear of exorbitant bills, he was unable to efficiently irrigate his lands. He said this would ultimately lead to a decrease in his yields, putting a strain on his finances. “The high electricity rates have baffled the entire farming community.” He said it would be challenging for farmers to produce good and healthy crops amid the spiraling costs of electricity. “The growers are tightening their belts and it will have a ripple effect on the availability of food items.” “There have been great advancements in the agriculture sector across the globe, but in Pakistan, we are going backwards because of our inefficiency and lethargic approaches.” Bilal said the skyrocketing electricity prices are impacting the quality of life as parents are unable to buy food and milk for their children only to save money to pay utility bills.

Credit: INP-WealthPk