Federal Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal has said that productivity of social financing was very critical therefore it should be linked with performance to achieve anticipated results. While addressing the 1st NSPP Public Policy Conference-2022, he said that three factors including the productivity of wealth, distribution of wealth, and competition with the global economy were very essential for the growth of the economy. According to him, wealth creation mechanisms should be geared up as no economy could grow without resources, while all stakeholders should perform an active role in the generation of wealth. He also stressed the fair distribution of wealth and equality in the social system which is vital for the future development of the country. He noted that tax, local investments, and exports were the main sources of the country’s development.
Pakistan is a developing economy with scanty domestic revenue, weak industrial base, and growing energy issues coupled with aggravating impacts of the rising inflation which portrays a largely gloomy picture of Pakistan’s future economic outlook. Although, the government officials sell an optimistic view by exaggerating the country’s unrealized potential including the vast scope for expansion in the tax network, a potential reduction in energy prices coupled with growth in exports, and an immaginary utilization of untapped human capital of the country. Althoug, the same three main areas had been identified by the Federal Minister for Planning Professor Ahsan Iqbal, however, the questions remained unanswered that who and when the government would make it happen that the 100 % population and all factions of the national economy will be brought into the national tax regime, how and when local and global investors will have a firm belief in government policies and they will start pouring their investment in Pakistan as well as when Pakistani exports will compete in the global market and an airbridge of cargo flights will take place between Pakistani airports and foreign destinations across the globe.
According to business experts and economists, all that will be possible only when the energy would be cheaper, when government policies would be long-term and business-friendly, and when Pakistan’s export products would have high-quality and global manufacturing standards and Pakistani businessmen will be mentally prepared to compete in the global market instead of revenue generation through the production of substandard items, and other malpractices. Realistically, it is the government’s responsibility to introduce business-friendly legislation and produce cheaper energy through hydel and other resources, set up comprehensive mechanisms to register, regulate and monitor all types of small, medium, and major businesses, as well as professions ranging from a street vendor to an international aviation, along with an online content writer, or a community child care to cottage industry being run by the women domestically.
The government must bring all businesses and individuals into the national tax network to boost its revenue and manage commercial activities appropriately. No local or global invester believes in verbal sermons, hence strict governance, rule of law and sustainable policies are essential to attract foreign investment in the country. Similarly, cheaper energy will reduce the cost of production, while good quality, global standards, and competing prices will help Pakistani exports in grabbing space in the global market.
As, the Chief Planner has both power and ability to bring revolution in the national economy, therefore, he must not restrict to a bureaucratic approach, learn from the world and set the economy on an upward trajectory through introduction of stringent measures and strict regulations.