Closed-door decisions have ruined Pakistan's economy: SM Tanveer
Business
Federation Chamber leader and Pioneer Chief SM Tanveer says the decisions taken behind closed doors without consultation have severely damaged the country’s economy.
KARACHI (Dunya News) – Decisions made in secretive “closed rooms” have dealt a heavy blow to Pakistan’s economy, said SM Tanveer, Federation Chamber leader and Patron-in-Chief of the United Business Group, during a press conference in Karachi on Wednesday.
He pointed out that skyrocketing electricity prices have forced 140 units in the paper and textile sectors to shut down, leading to reduced exports and a rise in unemployment.
“The Ministry of Energy sets electricity rates on its own and gets them approved by the cabinet,” Tanveer said, adding that such unilateral decisions make it extremely difficult for industries to survive. “Expensive electricity has nearly destroyed our entire economy.”
He also emphasised the long-term challenges of industrial growth, noting that setting up a new industry takes three generations of effort. Tanveer further suggested that the economy cannot improve without addressing provincial imbalances.
“Large provinces must make space for smaller ones; the government must act seriously,” he added.
Tanveer’s remarks reflect growing concerns among business leaders over policy-making without consultation and the urgent need for reforms to revive industrial activity and economic stability.
