Key Takeaways
- LCCI President Faheem-ur-Rehman Saigol has called for fuel conservation measures that do not harm business.
- Restrictions on commercial operations could negatively impact economic growth and employment, he warns.
- Alternative measures such as energy efficiency and digitization should be prioritized.
LCCI President Faheem-ur-Rehman Saigol has urged the government to ensure that any fuel conservation or austerity measures being considered in response to rising international oil prices and foreign exchange pressures do not adversely affect business, trade, and industrial activity.
Commenting on reports that the government is weighing the reintroduction of fuel-saving and austerity measures, Saigol stated: 'While the business community fully understands the need for prudent resource management during challenging economic circumstances, measures that restrict commercial operations could have serious consequences for economic growth, employment and revenue generation.'
According to him, the business community is still adjusting to reduced business hours in many sectors. Further reductions would negatively impact trade volumes, retail activity, supply chains, and industrial productivity at a time when the economy requires greater momentum.
Saigol said: 'Previous restrictions on business timings had resulted in lower customer footfall, disruptions in commercial transactions and increased operational difficulties for traders and industrialists.'
He further observed that any further curtailment of business hours could undermine efforts to stimulate economic activity, reduce tax collection, and weaken the confidence of investors and entrepreneurs.
Saigol emphasized: 'Alternative conservation measures that do not disrupt productive economic activity should be given priority. Greater emphasis can be placed on energy efficiency, digitization of government operations, reduction in non-development expenditures and improved public sector resource management instead of imposing additional restrictions on businesses.'
The business community stands ready to cooperate with the government in addressing national economic challenges, but austerity measures must not come at the cost of trade, industry, and economic growth. Protecting business activity is essential for sustaining jobs, investment, exports, and government revenues.
While the business community fully understands the need for prudent resource management during challenging economic circumstances, measures that restrict commercial operations could have serious consequences for economic growth, employment and revenue generation.
Faheem-ur-Rehman Saigol, LCCI President
Alternative conservation measures that do not disrupt productive economic activity should be given priority. Greater emphasis can be placed on energy efficiency, digitization of government operations, reduction in non-development expenditures and improved public sector resource management instead of imposing additional restrictions on businesses.
Faheem-ur-Rehman Saigol, LCCI President
