President of the Lahore Chamber of Commerce and Industry (LCCI) Mian Nauman Kabir urged the government to follow China in business pursuits.
According to Gwadar Pro, he believed that the increase of 2.5 per cent raise in markup rate by the Pakistani government in the present economic scenario was a surprise as the business community was expecting a cut by State Bank of Pakistan (SBP).
The LCCI President maintained that the 2.5 per cent increase would hit all sectors of economy hard.
State Bank of Pakistan should withdraw massive hike in mark up rates and bring it to single digit to encourage new investments, for revival of businesses and to give a jumpstart to the economy which is at standstill, he added.
In a statement, he mentioned that business grew in China as they facilitated the businesspersons. He contended that the increase in markup rate would have dire consequences on Pakistan’s economic growth rate.
“It will surely hinder the process of Industrialization and private sector growth. Pakistan should bring its markup rate at par with the regional rates which are much lower,” he opined.
Kabir said that being the premier business support organization of the country, LCCI was of the view that the monetary policy of the country should support industrialization.
