Economy suffers Rs15b loss 
due to strike

Rehan Siddiqui
Filed on August 26, 2011

KARACHI ó Pakistanís economy, already facing severe difficulties, suffered a loss of around Rs15 billion on Tuesday due to a complete shutdown of Karachi and other major cities of Sindh province.

This was claimed by the representatives of industrialists and traders who said that non-availability of transport severely affected exports and business in other parts of the country. Manufacturing and trading activities in Karachi contribute around Rs25 billion daily to the GDP and Rs4 billion to the national revenue.

“More than 80 per cent of industrial units out of more than 20,000 were closed on Tuesday in the city due to absence of public and private transport,” said Khalid Tawab, an official of Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

He also claimed that the closure of plants and factories across the city caused an estimated loss of about Rs12 billion to industrialists, while the national exchequer lost Rs3 billion in revenues.

Chairman of All Karachi Tajir Ittehad Atiq Mir said one-day closure of markets and small businesses caused a loss of over Rs3 billion and the worst-affected were more than three million daily wage workers. “Losses to the traders due to lack of sales and the violence are around Rs12 billion. There has been a 50 per cent drop in sales during Ramadhan,” he added.

Meanwhile, the business community of Karachi will give a call for a shutterdown immediately after Eid Al Fitr if kidnapping for ransom continued in the city.

“We will wait for the government’s response in the last days of Ramadan. If the authorities fail to improve the situation the business leaders will decide after Eid bout the call,” warned Senator Haji Ghulam Ali, of FPCCI.

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