KARACHI: (HRNW) Atiq Mir, Chairman of the All Karachi Tajir Ittehad, has raised a grave alarm over the city’s collapsing economy, describing the current Eid shopping season as the worst in Pakistan’s history. In a scathing assessment of the provincial government’s performance, Mir stated that the authorities have largely succeeded in dismantling Karachi’s trade and industrial foundations through a combination of systemic neglect and failed security policies. He highlighted that skyrocketing prices—which have surged by 60% this year—alongside rampant extortion, street crimes, and short-term kidnappings for ransom, have pushed the city’s commercial life to its breaking point. According to Mir, purchasing activity has plummeted by 40% compared to last year, leaving a staggering 70% of inventory unsold in warehouses. Total sales for the season barely reached 10 billion rupees, a dismal fraction of the city’s potential, as inflation and insecurity continue to drain the purchasing power of the middle and lower classes. Mir warned that the economic hub is now taking its “final breaths,” plagued by frequent fire incidents and a lack of basic administrative protection for the business community.
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