Karachi: The industrialization process in Karachi is facing significant setbacks as escalating energy costs threaten to drive up unemployment rates in the city, as per Pasban Democratic Party Chairman Altaf Shakoor. He highlighted the shutdown of many industrial units and the partial operation of others due to the rising costs of gas and electricity, which are squeezing the margins of local industries.
According to Pasban Democratic Party, Altaf Shakoor criticized the government’s approach towards energy pricing and negotiations with private Independent Power Producers (IPPs). He argued that despite substantial capacity payments to IPPs, the government has failed to secure sufficient electricity load for both domestic and industrial use at reduced rates. Shakoor pointed out the government’s reluctance to embrace solar energy and the halting of cheap crude oil imports from Russia as indicators of a broader energy policy failure. He also noted the slow progress on the Pak-Iran Gas Pipeline, attributing the delay to IMF loan conditions and international pressures.
Altaf Shakoor called for a significant reduction in fuel tariffs to support the industrial sector and stimulate economic growth. He emphasized the critical state of unemployment in the country and the potential consequences of continued industrial decline, urging both the government and industrial associations to find sustainable solutions to these pressing challenges.