Without industrial revival, economic objectives will remain elusive: Nasir Qureshi
ISLAMABAD ( WEB NEWS )
Nasir Mansoor Qureshi, President of the Islamabad Chamber of Commerce and Industry (ICCI), has strongly criticized the federal budget 2025-26, labelling it as anti-industry and heavily skewed in favor of Independent Power Producers (IPPs). Speaking in a series of interviews with electronic media, he expressed deep concern over the imposition of 18% sales tax on solar panel imports, calling it a deliberate move to benefit IPPs at the expense of industry and clean energy adoption.
He pointed out that the country currently has surplus electricity, which could have been provided to industries at concessional rates. “Reviving our ailing industrial sector should have been the government’s top priority. Cheap electricity could have lowered production costs, enhanced competitiveness, and rejuvenated economic activity,” he said.
To a question on the Finance Minister’s approach, the ICCI President lamented that the government seems more focused on enforcement and coercive measures rather than facilitation. “Governments are meant to work for the welfare and comfort of the people. Intimidation, harassment, and arrest campaigns have historically backfired, causing capital flight. An investor, like a migratory bird, settles only in a climate that is supportive and welcoming,” he warned.
The ICCI President stressed that supporting the industrial sector is the key to sustainable economic growth. “When the industry thrives, it not only generates employment but also boosts the production of export-oriented goods, which in turn strengthens our foreign exchange reserves,” he added.
He further criticized the proposed Carbon Levy on petroleum products, warning that it will inevitably fuel inflation and increase the burden on the common man. “Such measures at a time of economic fragility will only deepen public distress,” he concluded.
The ICCI urges the government to revisit its fiscal policies and adopt a more industry-friendly approach to ensure economic stability, investment growth, and job creation.