Former President of the Islam Chamber of Commerce, Shahid Rasheed Butt, has said that the unchecked power of the country’s elite has now become a serious threat to the nation’s survival, citing organized plunder that has pushed the public into despair and triggered an exodus of youth and investors.
Addressing the business community on Sunday, the former President of the Islamabad Chamber of Commerce, Shahid Rasheed Butt, claimed that influential cartels have taken over every commercial sector. He specifically named the flour, sugar, and ghee industries, along with commission agents, as those causing the most harm to ordinary citizens.
Butt described the current tax and regulatory framework as disastrous, pointing to the rising prices of electricity and gas. He claimed that the public is being exploited to benefit Independent Power Producers (IPPs) and that the weak oversight system is used only for political vengeance rather than genuine accountability.
He added that the privileges of the ruling class are increasing, and their wealth is growing through secret agreements that have effectively halted national development.
The business leader expressed a widespread public perception that the entire state machinery is designed to serve the interests of the powerful, leading it to become dependent on foreign loans. He added that the ongoing capital flight, the departure of multinational corporations, and the decline in production of major industries are evidence of this systemic failure.
According to Butt, industrialists are currently fighting for survival, bogged down by exorbitant energy prices, unpredictable financial policies, and complex regulations. He stated that these factors are leading to a decline in tax revenues and exports, market volatility, and severe financial pressure on small businesses.
He warned that the national economy will continue to worsen until the patronage of cartels, political instability, and policy inconsistencies are addressed. Butt severely criticized regulatory bodies, accusing them of harming the economy by ignoring financial scandals worth billions.
He also lamented that major “game-changer” projects have led to national bankruptcy instead of prosperity, with the economy being run on slogans rather than solid strategy.
Concluding his discussion, Butt stressed the implementation of sustainable and meaningful reforms instead of superficial measures, as this is the only way to pull the country out of the current crisis.