Pakistan's Economic Sector Suffers Loss of $100 Billion Due to Power Outage - Capital TV

May 28, 2023


Pakistan’s Economic Sector Suffers Loss of $100 Billion Due to Power Outage

Mahnoor Tariq

On Jan 23, Pakistan’s textile industry suffered a loss of $70 million, according to the All Pakistan Textile Mills Association (APTMA), due to the nationwide power outage. APTMA’s representative warned that the loss will increase to billions of dollars if the problem is not fixed.

Related Stories: Power Outage Massively Impacts Mobile and Internet Services

What’s the total loss?

In an interview with The Express Tribune, former head of the Karachi Chamber of Commerce and Industry (KCCI) Muhammad Idrees claimed that Pakistan altogether had suffered a loss of roughly Rs100 billion. The business community is criticising the government for the second nationwide power outage in less than three months.

More hindrances:

According to them, the full-day power outage came at a time when they are hardly producing anything at factories. This is due to the lack of raw materials and a severe financial crisis. He said that the current Gross Domestic Product (GDP) is about Rs38,000 billion. The daily production amounts to more than Rs100 billion if one divides the GDP figure by 350 days, he said.

Must Know: Steel Producers Warn of Potential Loss of 7.5 Million Jobs Due to Import Restrictions

Additionally, the Federal Board of Revenue (FBR) is anticipated to collect between Rs18 and Rs20 billion in taxes daily.

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