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ICMAP, ICAI joint video conference Need stressed to change energy generation mix for sustainable economic growth

Pakistan should radically change energy generation mix as done by India to ensure sustainable economic growth, said experts on Wednesday.

“Pakistan should tap coal and renewable energy resources that should build upon public-private partnership for Thar coal,” said Saad Amanullah Khan, president of The American Business Council, at the first video conference on “Management accounting: trends in subcontinent countries”, jointly organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP) and Institute of Cost Accountants of India (ICAI).

Coal constitutes around 53 percent in the energy mix of Indian electricity requirement, while in Pakistan it is almost negligible, according to Khan.

In contrast, Indian dependency on oil is around one percent, while Pakistan is heavily dependent on oil for energy generation, which is around 32 percent.

Pakistan’s economy faces serious issues, including inflation and poor law and order situation, he said, adding that the GDP growth during the present government’s tenure is the lowest as compared to the growth in the last five decades.

Comparing present pace of GDP growth, he said that India would take 9.1 years to double its GDP, while Pakistan will take 22 years. He stressed upon private sector to play a major role in the economic development.

Asish K Bhattacharyya, adviser (advanced studies), ICAI, delivered presentation on corporate performance management and Hanif Ajari, former vice president of ICMAP, and director of supply chain management and company secretary at Getz Pharma, presented a paper on global trend in management accounting profession.

Gopal Krishna, president of ICAI, and Anees-ur-Rehman, chairman of ICMAP, Karachi Branch Council, welcomed the interactive session and said that it would help improve the confidence-building measures of the two countries.

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