Businessmen yesterday urged the government to keep export-based industries out of the purview of the latest power tariff hike of 6.96 percent.
Exports have been losing the competitive edge because of political turmoil, stricter compliance-related rules set by the buyers, loss of market in the US due to climate change and economic meltdown, and rising production cost, said Abdus Salam Murshedy, president of Exporters' Association of Bangladesh.
Factories are paying double wages to workers in peak hours and for overtime, to accommodate the time lost to periodic load shedding, he said.
The power tariff hike will only worsen the situation and increase the cost for exporters, Murshedy said.
So, he urged the government to exempt the export-based industries from the tariff hike.
Instability and inherent disorganisation in the export-based industries is also wreaking havoc on the banks, EAB said in a statement yesterday.
These are pushing up interest rates and inhibiting investments and leaving nearly Tk 100,000 crore idle in the bank coffers, he said.