The Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed grave concerns over the stock market crash, urging the government to take urgent steps to restore the confidence of the investors.
In a statement on Thursday, President RCCI Nadeem Rauf said the KSE-100 Index lost more than 2,000 points in just one day. He added that the sentiments of investors had been badly hurt due to the growing economic uncertainty and a record high import numbers in November.
The Ministry of Finance should immediately take steps to strengthen the rupee against the dollar, he emphasized. He, however, termed the November export figures very encouraging. “We urge the government to ensure the supply of cheap raw materials, providing a conducive environment for promoting the local industry and the Small & Medium Enterprises (SMEs) to increase domestic exports,” he stressed.
The President RCCI said the rates of income tax, sales tax, regulatory duty, and other taxes should be reduced to bring down the cost of production. He noted that the prices of oil in the world market had come down. The government, therefore, should immediately pass on the relief to the masses so that inflation can be reduced, he underscored. He said that policies must be formulated in consultation with stakeholders.