27th December 2019 shall be remembered a great day in the history of FPCCI in which United Business Group having ruled for five years has been defeated by Businessmen Panel after a tough competition. It must be categorically stated that Businessmen Panel had done their home work properly and were busy throughout the year to motivate the members to work hard to win the year 2020 elections.
Presidential candidate Mian Anjum Nisar begged 186 votes against his rival Noman Butt and restricted him to 166 votes. It was very interesting to watch the result of Senior Vice Presidents when Hanif Gohar UBG candidate and from BMP Asim Ghani begged each 176 votes respectively, four votes have been sealed their fate will be decide by the court. Both candidates are hard working and enjoy good reputation in the business community. Their close neck to neck fight speaks volume of their popularity. We keep our fingers cross and wait for the result, irrespective which candidate wins it will be welcomed by both the groups.BMP managed 7 Vice Presidents slots whereas UBG got 4 Vice Presidents elected.
It was heartening to note that elections were held in most peaceful manner except minor altercations that always happen in such big gatherings. The President elect FPCCI Mian Anjum Nisar in his short speech promised to devote more time towards R&D that has been lacking for years. Although UBG also tried its best to streamline and induct talented people in R&D but due to certain limitations and compromises this sector continues to remain weak, attaching priority to this sector by the new elected President FPCCI Mian Anjam Nisar and his most energetic team shall certainly succeed in bringing changes beneficial to the organisation.
President elect Mian Anjum Nisar of FPCCI has gigantic tasks before him. The country is in deep economic crisis and is over burdened due to circular debt on account of energy issues that has resulted in closure of industries. High tariff of energy prices, high cost of doing business coupled with trade deficit and low exports shall be his priority. He should be eyeing on diversification rather than being dependent on few items of exports. President FPCCI Mian Anjum Nisar has to persuade the government to reduce the interest rate, with 13.2 % interest and burden of other taxes it is not possible for the business community to run their businesses. In year 2013 circular debt was Rs 450 billion that now is around 1.62 trillion, each year there is increase of Rs 300 billion that raises the cost of business, the losses in power sector run between 20 to 40 percent that is passed on to users. Increased gas prices are also scaring the business community. Promises made by the government are never fulfilled. A mechanism is to be developed where rebate claims are paid within 30 days as business community cannot wait for years and keep paying the banks interest for years losing their capital. The government should take meaningful reforms in the power sector and reject increase in gas tariff as it will badly hit masses and economy and result in inflation. Restructuring talked much should be completed without losing time after obtaining input from FPCCI
It is true that our current account deficit has come down from $19.9 billion last year to $12.75 billion this year. We depreciated the rupee by 47%. Our GDP growth is down from 5.5 percent to around 3 percent. We have managed to bring down current account deficit by choking the economy. Imports have fallen from $19 billion to $14.65 billion; this is due to slow down in economy not because of any growth in exports. Pakistan’s non performing loans have soared to Rs 800 billion. Around 1.2 million Pakistanis are out of job and some nine millions pushed in to poverty. Economic indicators reflect very poor state, it is the business community that can fill the gap provided government and FPCCI is on same page.
FPCCI is revenue generator of Pakistan; if they are happy Pakistan will prosper. To have close coordination with the government there is need to have one Vice President from FPCCI to act as Chief Coordinator to represent business community for quick solutions to problems that retard the productivity. The president elect Mian Anjum Nisar carries rich experience in the industry and has the unique distinction of being caretaker minister in 2018 and has always been positive in his approach. He has also been former president of LCCI and is well aware about the issues currently being faced by the trade industry has the ability to put across problems of business community with greater degree of self confidence and composure. He is upright person, straight forward and means business. Under his dynamic leadership FPCCI shall excel in all fields.
Secretary General along with his team deserves great appreciation in conducting most contested elections of FPCCI in most peaceful and orderly manner as per rules. We congratulate Mian Anjum Nisar and his entire team on winning this election and hope that under his able leadership and team FPCCI shall help government to overcome the economic crisis and serve the business community to their best abilities.