Prime Minister Imran Khan has said that no country could progress without industrial development; therefore, expansion of Pakistan’s industrial base was among the foremost priorities of the government. According to him, the present government had given a comprehensive policy for Small and Medium Enterprises (SMEs) for the first time in history besides taking measures for enhancing industrial capacity and the revival of sick units. The Prime Minister was talking to Finance Minister, Shaukat Tarin and Minister for Industries and Production, Makhdoom Khusro Bakhtiar, who called on him to brief about the measures taken by the government for the development of the industrial sector. The Prime Minister was of the view that due to the business-friendly policies of the government the industrial sector was progressing, employment opportunities have improved, while exports increased many folds during the recent months. The Prime Minister directed the aides to speed up measures for expanding the country’s industrial base, increasing cooperation among the relevant institutions, and also preparing a comprehensive package in that respect.
Historically, Pakistan had an inherited agricultural economy, yet besides a gradual backslide in the agricultural field, industrialization played a vital role in the national economy despite a slow pace of development. No country in the world can solely survive on its natural resources and agricultural products until the establishment of an industrial base for full utilization of its agricultural products as well as natural resources. Industrialization not only increases the production of agriculture and nature reserves but also ends foreign dependency, increases employment opportunities, and provides economic stability to the country. Starting from the Ayub Khan’s era, the successive governments had been endeavoring for the establishment of a broad-based industrial infrastructure in the country, however, due to nationalization of industries, along with administrative issues and corruption of government officials mired the country’s journey toward successful industrialization. According to analysts, the post-1970 nationalization of industries not only led to the non-productiveness of industrial entities but also added a huge financial burden on the government as a result of mismanagement and corruption of government officials. On the other hand, the governments had burnt billions of rupees for the revival of sick industrial units so far. The years-long failed privatization campaign of the successive governments is a reversal of the nationalization policy of the past government.
Although Prime Minister Imran Khan and their aides make tall claims about industrial revival and economic growth, hence the recent upsurge is an outcome of COVID-19 impact on the global economy, therefore the rulers must for the sustainability of positive trends in the economy. The government must provide a conducive environment to the business community through ensuring ease of doing business, the introduction of business-friendly policies, provision of cheap energy, and elimination of bureaucratic formalities so the local and foreign investors bring their money to the country without any fear.
Although the incumbent government is struggling for the revival of the industry, the obstruction in the energy supply, short-lived strategies, massive taxation, and security-oriented policies of the government remained a big hurdle in the achievement of the goal. Top leadership personal involvement is essential to address the issues relating to industrialization in the country, hence verbal assertions are less likely to change the situation in the absence of vital changes in the industrial regime.
