Islamabad : Former President of Islamabad Chamber of Commerce and Industry Dr. Shahid Rasheed Butt on Saturday said the recent decision regarding power tariff hike should be reversed as it will hit masses and all the sectors of the economy.

The decision will reduce consumption of electricity and increase theft which will result in heavy losses to the government while reducing real wages of the people, he said.

Shahid Rasheed Butt said that economy is growing but the real wages of labour are on the decline which should be noticed.

He said that remittances and large scale production is increasing, current account deficit is surplus, profit of cement, automobile and other sectors is increasing but the benefit is not reaching the labour class.

Masses are facing reduced income amid unprecedented inflation which has made life difficult for them.

He noted that real income of people increased by two percent from 2009 to 2013 while it increased by four percent per annum from 2013 to 2018.

From October 2018, the real wages started shrinking while was from six to twelve percent for different sectors that took a toll on the poor and middle class, he informed.

He noted that construction package failed to trigger economic activity to an extent that it can boost the real income of the poor but the profits of the corporate sector jumped a lot which indicates distortion in the system.

The business leader said that the average growth rate during the last two years have remained 1.7 percent and claims regarding 3.94 percent growth rate is a dream.

The growth rate can be increased if the SBP slashes interest rates and the government provide enabling environment to the businesses, he said.