ISLAMABAD: Leading businessmen and industrialists have warmly welcomed the reduction in electricity tariffs announced by Prime Minister Shehbaz Sharif on Thursday, calling it a significant relief for the country's economic growth.

During a press conference, FPCCI (Federation of Pakistan Chambers of Commerce and Industry) President Atif Ikram Sheikh expressed his appreciation for the government's move, stating that the business community did not expect such a substantial reduction in electricity costs.

"This reduction in electricity tariffs will have a major positive impact on the country's exports, which will see a significant increase due to this relief package. Pakistan is heading in the right direction," said Sheikh, adding that the move would support industrial growth and economic stability. The Prime Minister announced a Rs7.41 per unit reduction in electricity tariffs for domestic consumers and Rs7.59 per unit reduction for industrial consumers.

This reduction is expected to alleviate financial pressures on both households and businesses, promoting further economic activity. S.M Tanveer, Patron-in-Chief of the United Business Group, also congratulated the business community on receiving this crucial relief. He extended his gratitude to Prime Minister Shehbaz Sharif and Army Chief General Asim Munir for their support to the business sector, acknowledging their efforts to ease the burden on both the industrial and domestic consumers. Tanveer also pointed out the past mistakes in agreements with Independent Power Producers (IPPs), stating that these flawed contracts had put undue pressure on the economy.

The new relief measures, he said, would benefit not only domestic consumers but also industries and commercial sectors, which have been struggling with high energy costs. He added that privatizing the Distribution Companies (DISCOs) would prevent significant power theft, estimated at Rs600 billion, and would help reduce electricity tariffs further.

Tanveer expressed hope that the government would continue to reduce energy costs, forecasting that the interest rate could drop to 9% within the next six months. The FPCCI President also acknowledged the contributions of key individuals, including Atif Ikram Sheikh, Gohar Ijaz, and S.M Tanveer, for raising the issue of high electricity tariffs and pushing for reforms in the energy sector. The business community has expressed optimism that the government's recent measures will bring about sustained economic growth, providing a much-needed boost to Pakistan's industrial and commercial sectors. With the reduction in electricity tariffs, there is growing confidence that Pakistan will continue on its path toward economic recovery.