Hyderabad Chamber of Small Traders and Small Industry (HCST&SI) President Muhammad Saleem Memon.
HYDERABAD:
The business community has called on the federal government to convert the current temporary austerity measures into a permanent national policy to address the country’s economic, energy, food, and environmental challenges.
The Hyderabad Chamber of Small Traders & Small Industry (HCSTSI) sent a letter on Tuesday to Prime Minister Shahbaz Sharif and Planning, Development and Special Initiatives Minister Ahsan Iqbal, urging structural reforms instead of short-term interventions.
HCSTSI President Muhammad Saleem Memon stated that data from the State Bank of Pakistan and the Pakistan Bureau of Statistics reflect persistent fiscal deficits, heavy reliance on imports, and mounting pressure on foreign exchange reserves, alongside inefficient energy usage.
Memon also pointed to Pakistan’s vulnerability to climate change, citing the Global Climate Risk Index, and referenced World Bank findings showing significant economic losses caused by climate-related events.
He expressed concern over rapid population growth, food wastage, and water losses at social events, particularly amid shortages in several sectors.
To promote fiscal discipline, Memon recommended cutting non-essential government expenditures, including luxury privileges and excessive protocol. He suggested limiting business and commercial activities to daylight hours, closing markets by 8pm, and ending events at marriage halls, hotels, and restaurants by 11pm.
Incentivising public transport to reduce private vehicle use, implementing effective population growth control, and adopting integrated climate change strategies were also proposed.
