Thursday, October 3, 2013

Increasing Prices, no tax relief and Devaluing Rupee

Rs 4 to 5 / litre increase
Monthly periodic increase in electricity and fuel prices was a common feature, but government has taken lead over all previous records by increasing the petrol prices upto Rs 4 and diesel prices up by Rs 5. In addition to this Pakistani middle class consuming 200 to 300 units of electricity would be expecting 40 to 80 percent increase in their electricity bills.

Government may have their reasons; they will throw all the blame on IMF conditions or devalution of rupee in market or increasing prices of Oil in international market; but the fact remain the same government has failed to provide relief to common man.

No check has been placed against power theft, line losses and Government has not shown any interest in using cheap fuels to produce electricity. Government has again failed to increase the tax net

 What is the situation:  

1. Electricity consumers paying their bills honestly have to pay for the power theft/ line losses.
2. Middle Class paying tax has to cater for complete Government revenues circle. As agriculture sector was not included in tax networks, which is long history of Pakistan.
3. Extra government revenues are generated by increasing the prices of petrol and diesel; and their is no doubt that this would be having direct impact on daily prices of transportation and day to day use goods.
4. Government is borrowing money from IMF to pay old debts and these are non productive borrowing ( having interest rate attach to them)

Economical graph of the country is going down; at one end we are suffering from energy crisis, other way it is terrorist and now it is exponential price hike of necessary comodities.

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