Economic Stabilisation has failed to improve the Stagnant Growth rate: PM Aide

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PM Aide

It was time that PTI realized that the measures being taken for the growth of the country’s economy have not been producing the results that they wanted. From the start, a long-term cleansing of the economy was assured, however, that has not been the case and all that the people of Pakistan have witnessed is the loss of further jobs and excessive inflation. PM Aide has finally talked about the situation:

But there can be no growth without stabilisation. We must be able to have at least seven per cent GDP rate for the next several years, when Pakistani brands are respected and known to stand for quality and reliability. When this government came in, we were losing foreign currency. I was not even certain about economic stability, but I’m an optimist. Things are improving and moving in the right direction. I know every country has issues. Like, there were Malaysia and Turkey which had a major crisis, but after reforms their economies are back on the path to recovery.

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And along with that Pakistan also faces a taxation issue. It is a daunting task. People say to us ‘who are you?’ They say they will not pay their taxes as they did not vote for Imran Khan. What is to be done with all this going on? Should we give up or should we fight back? But we have to be able to turn this country around into a country where all people pay taxes. We need an export-led growth. Pakistan is a country where 47 per cent of our revenue is used on imports. We have to bring it down but in order for us to do that we have to pay our taxes.

Another big challenge we have faced head on is not talked about that much. For the last 30 to 40 years tariff has become a tool for generating revenue. But we need proper checks and balances here if we want proper governance

PM Aide says Pakistanis do not have international
vision and that he will give it to them
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We also need to see what are our exports and which countries we need to concentrate on for these exports. We should be able to set ourselves a target. A good trade policy will take us in a good direction. But we also need support in technology, marketing, etc. So business people themselves, be they in textiles, rice, fisheries, meat, poultry or anything else should help in developing policies that can help us move forward. We also have to diversify our exports in multiple sectors

India, our neighbouring country, too, is in recession but I want to congratulate you that the exports of our country are going upwards and in the right direction

A day would come when at least 20 or more Pakistani businesses will be listed in Fortune 500. I dream for Pakistani business houses to span across the globe, so much so that in a 24-hour period, the sun never sets. The tenacity of our business people is such that we may see this in my lifetime.

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