Karachi : The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has deplored the unusual hike in cement and steel prices and has urged the government to safeguard the advantages envisioned in the Prime Minister Imran Khan’s initiative for the construction sector.
In a statement issued at Karachi Nasir Khan, Vice President FPCCI has expressed his strong concern over the sharp rise in cement and steel prices which is causing damage to the incentives offered by Prime Minister Imran Khan under a fixed tax regime for the construction industry.
He said cement and steel are the main raw material for the construction industry and pointed out that price of cement bag has gone up to Rs. 500 – 700 per bag and steel prices have also jumped up to Rs. 145,000 per ton, ultimately increasing the construction cost. This will have a negative impact on the Prime Minister’s Naya Pakistan low cost Housing Scheme and defeat the government’s efforts to strengthen national economy.
Nasir Khan said unusual hike in prices of cement and steel is totally unjustified as most of the raw materials are locally available. He proposed to waive atleast for three months custom duties on the import of cement and steel to sustain the benefits of fixed tax regime for the construction sector.