Lack of investment is a major obstacle to growth - Press Release issued by Dr. Shahid Rasheed Butt.

Islamabad -- November 14, 2022 (PPI-OT)

Following is the text of press release issued by Dr. Shahid Rasheed Butt

Quote

Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday said lack of investment is a major obstacle hindering national development. Savings have become impossible for people in difficult economic conditions and high inflation, he said. Shahid Rasheed Butt said that the Hundi mafia has reactivated and it is grabbing remittances which must be stopped otherwise more loans will have to be taken to run the affairs of the country.

In a statement issued here today, he said that the government is not getting capital for development projects due to the reduction in savings by the people, while the reduction in investment is hitting the development process, which is increasing poverty.

In such circumstances, the purchasing power of the people is also weakening which must be noticed by the policymakers. He said that the ratio of national savings in India is 31%, while it is 29% in Bangladesh while in Pakistan it is not even a third of India's but has been continuously falling since the last decade.

In Pakistan, those earning...