Korangi Association of Trade and Industry (KATI) President Salman Aslam has rejected the NEPRA’s approval to increase Rs 4.82 per unit in electricity to K Electric. He said that the government has already announced a historic increase in the prices of petroleum products which has upset the industrialists. The 1.5 percent increase in interest rates, an increase of Rs 30 per liter on petroleum products and now an increase of about Rs 5 per unit of electricity is unbearable. Salman Aslam said that Pakistani exporters are already barely able to compete with exporters from India, Bangladesh and Indonesia but the government is not giving any concessions to the industry which is a matter of concern. He said that no sector would produce goods at a loss; the cost of production had gone up so much that the industrialists had no choice but to shut down the industry.

He feared that if production costs continued to rise, capital outflows would increase, and industrialists would relocate their industries, leading to a sharp rise in unemployment. President KATI said that K Electric has hinted a further load shedding and reduction of power supply to the industry in the next few days, which is a matter of concern. He demanded that the government announce incentives for the industry immediately and ensure an uninterrupted electricity supply.

Photo Caption: KATI President Salman Aslam is presenting Gold Medal to Rear Admiral Athar Saleem, Managing Director, Karachi Shipyard and Engineering Works (KS&EW), in recognition of his outstanding services. Commodore Jahanzeb Ahsan, Zaki Sharif, Maheen Salman, Faraz-ur-Rehman, Salman Sabri & Tariq Hussain are also present.