Rs100 billion Transferred to Rural Economy on Eid

KARACHI, August 05 (Online Int’l): President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, FPCCI’s Businessmen Panel Sr. Vice Chairman, and former provincial minister Mian Zahid Hussain on Wednesday said Eid helped boost the economy as almost Rs100 billion were transferred from cities to villages.

Almost double the amount as last year was transferred while the sum was around Rs375 billion in 2018-19, he said. Mian Zahid Hussian said that reduced transfer of money to rural areas can be attributed to the economic situation, impact of virus, and lockdown.

Talking to the business community, the veteran business leader said that the prices of sacrificial animals jumped by 20 to 30 percent giving a boost to the livestock sector while the traders in cities suffered a lot due to the lockdown. The former minister noted sacrifices were reduced in the major cities of Punjab and Sindh while the situation remained somewhat balanced in the Khyber Pakhtunkhwa and Balochistan.

The concept of online arrangement and collective sacrifices is gaining momentum but fraud by some companies that have recently stepped into the business has dented the confidence of the masses.

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