Business Recorder...................................November 03, 2011
The industrial and commercial activity will come to a standstill for a week due to five Eidul-Azha holidays causing a loss of Rs 70 billion to the national economy, President Lahore Chamber of Commerce and Industry Irfan Qaiser Sheikh told Business Recorder here on Wednesday.
He said that two weekly holidays and law and order situation across the country coupled with acute shortage of gas and electricity has already dealt a crushing blow to the fragile economy.
Irfan said that due to frequent strikes, holidays, political disturbances and energy crisis in the country during the past three months there has been huge capital flight as the domestic investors are reluctant to invest in the country and foreign investors are shy to come to Pakistan.
The industrial production has slowed down and the exporters are failing to honour their commitments.
Irfan said that due to frequent strikes, holidays, political disturbances and energy crisis in the country during the past three months there has been huge capital flight as the domestic investors are reluctant to invest in the country and foreign investors are shy to come to Pakistan.
The industrial production has slowed down and the exporters are failing to honour their commitments.
Another businessman and financial expert Sami Ullah Khan Durrani said since the banks will also remain closed for five days, the overseas Pakistan would not be able to send their remittances to their families through the normal banking channels.
Illegal hundi system will be operative during this period.
Illegal hundi system will be operative during this period.
Durrani opposed two weekly holidays and said there are few elements in the government who convinced the PPP leadership to make this mistake without realising that it would hamper economic recovery and achieve the revenue collection targets.
He said the experience of two holidays in the past was bitter one that created so much hardships to the national economy including the difficulties faced by the people due to closure of banks and DFIs for two days.
He said attendance in the government offices remains very thin.
He opined that the present economic conditions of the country demand that the entire nation should work round the clock rather than indulging into the luxury of long holidays.
He said the experience of two holidays in the past was bitter one that created so much hardships to the national economy including the difficulties faced by the people due to closure of banks and DFIs for two days.
He said attendance in the government offices remains very thin.
He opined that the present economic conditions of the country demand that the entire nation should work round the clock rather than indulging into the luxury of long holidays.