ISLAMABAD: The trading community supports the decision of Prime Minister Imran Khan to curb hoarding and profiteering to provide relief to the masses from price-hike, a business leader said Friday.
The decisions of the PM to increase grant through BISP and move to reduce the price of urea by Rs400 per bag will also provide relief to the masses, said Shahid Rasheed Butt former President ICCI.
He said that Government should initiate the process of new and effective legislation against profiteers and hoarders and consider setting up an effective Price Commission.
He noted that market mechanism is not working properly resulting in market imperfection helping producers earn undue profits while masses are facing unprecedented inflation.
Various interest groups are freely influencing prices to their advantage resulting in artificial price hike that has damaged the buying power of the masses and there seems no end to their miseries therefore strict actions must be taken.
Shahid Rasheed Butt said that controlling prices of essentials and services will result in healthy prices, it will reduce poverty in the country and all stakeholders should benefit from it.
He said that agriculture sector merits full attention as growers are not getting proper prices of their produce, masses are forced to pay very high prices while the major share of profit is going to middlemen.