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Energy shortage hampers industrial production, threat for economic growth: LCCI

Energy shortage hampers industrial production, threat for economic growth: LCCI

LAHORE:  The Lahore Chamber of Commerce & Industry has urged the government to utilize all available resources to overcome the electricity shortage as deepening energy crisis is hitting the growth of manufacturing sector hard. Dependence on conventional resources for energy generation is one of the biggest reasons of energy crisis.

In a statement issued here, the LCCI Vice President Syed Mahmood Ghaznavi said that the country has the potential to generate more than 100000 MW electricity through wind and solar means but unmentionable amount of electricity was being generated through these resources.

Syed Mahmood Ghaznavi said that government has to work on war footing as energy shortage was not only hampering the industrial production but was also a serious threat for economic growth.

He said that sufficient availability of energy was must to achieve the required GDP growth rate and other economic targets set for the ongoing Financial Year.

He said that early completion of hydropower projects would not only ensure cheap and sufficient electricity but would also diminish water shortage that was also a biggest challenge for agro-based economy.

He said that horrid power cuts were impeding the export-oriented industrial production and if situation remains, dream of enhancing the exports would not come true. He said that that energy shortage would also spoil the foreign investment.

Syed Mahmood Ghaznavi said that the consumers of the efficient distribution companies with lowest line losses and the highest recovery ratio should be treated fairly. .

He that LCCI has repeatedly warned the government of massive lay-offs and industrial closures if it fails to immediately stop power outages.

He said that the government should understand that economic well being was a must for democracy. Unemployment, price-hikes, industrial closures always gives birth to lawlessness and anarchy. Therefore, the government should understand the ground realities and reset its priorities regarding provision of electricity to the industry.

He said that the industry needs continuous supply of electricity to keep the units operational and to complete the export orders well within the given timeframe but only because of the shortage of electricity the exports are not up to the mark.