Economy is confronted with many big problems including growing energy crisis and government should seriously consider the formation of a national think-tank that could give concrete suggestions for resolving these problems and accelerating the pace of economic revival.

This was consensus opinion of traders and industrialists in a meeting at Islamabad Chamber of Commerce & Industry (ICCI). They said that think-tank should comprise the representatives of federal and provincial governments, private sector, business community, academia and professional experts. They said such an approach is necessary to promote the spirit of national reconciliation and for reaching at decisions with consensus.

Chairing the meeting, Zahid Maqbool, President ICCI said that only a team of national experts can give the government better short, medium and long term proposals to revive the economy besides suggesting concrete steps for tackling energy crisis and developing harmony among all the federating units.

He said that apart from energy crisis, many other problems like rising fiscal deficit, surging inflation, dwindling production, falling exports, declining investment, unemployment and low growth etc. are weakening the economy and combined efforts of all stakeholders are required to mitigate their adverse impact and to turn around the economy.

Zahid Maqbool slammed NEPRA’s decision to allow further increase in power tariff to some power distribution companies. He said there is no justification to increase electricity rates especially at a time when country is facing  worst power crisis. He said government should first ensure supply of uninterrupted power to all and then think about tariff rationalization.

Businessmen said that Asian Development Bank (ADB) Outlook 2010, released recently, is also replete with gloomy forecasts about the economy of Pakistan. Moreover, due to prolonged loadshedding, the threat of chaos and disruption in normal economic activities is growing while double-digit inflation is rapidly adding to the frustration and miseries of the common man. These circumstances demand that government should put together a national team of professionals to steer the country out of current problems, they stressed.