Businessmen For Reducing Production Cost As Inflation Threatens Economy

The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry on Saturday stressed the need for reducing cost of doing business, besides evolving a new price control mechanism, as huge taxation, rising oil prices

ISLAMABAD (UrduPoint / Pakistan Point News - 07th December, 2019) The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry on Saturday stressed the need for reducing cost of doing business, besides evolving a new price control mechanism, as huge taxation, rising oil prices and constant jump in electricity and gas tariffs have lifted the inflation to nine-year high level to 12.7 percent in November.

BMP Chairman Mian Anjum Nisar warned the authorities that inflation above 6 percent can hurt economic growth and a careful policy is required to keep it in control.

He said that the pace of inflation is skyrocketing at a time when the economic activity is slowing down, which has made it difficult for the people to cope with the situation, as country is facing a situation of stagflation because economic growth rate is slow while unemployment and prices of goods and services are high.