Rupee depreciation and import ban spells disaster for industry

The recent days have seen the price of dollar against rupee touch the highest levels in the history of the county. This spells disaster for the people especially the business community of the Pakistan.

Industry experts believe that if the depreciation of rupee is not controlled immediately the engineering industry of the country might start facing closures and layoffs which will result in increased unemployment and will further exacerbate the political instability in the country. The government must take all necessary measures to control the rapid increase in the price of dollar against the rupee.

Another matter severely affecting the industry is the blanket ban imposed on imports by the incumbent government. The ban has been imposed without consulting with the stakeholders and is relentlessly affecting businesses in the country because it includes many essential items which are not yet manufactured in the country for instance commercial air conditioning units. Experts of the field believe that the local manufacturing network and its quality need to be thoroughly assessed before imports are banned into the country.