Economic Growth

 


 Pakistan has been in very poor economic situation for years. Challenges faced by the sector are well-known but way forward to come out of the misery is still a puzzle.

  However, the country can get out of these stressful conditions by reframing its choices and policies. Firstly, the top brass has to redefine the core idea of national security. Instead of merely focusing on becoming a military might, the top tier has to give due importance to economic security.

 Meanwhile, at individual level, masses of the whole country have to ask a question from themselves whether the country's economy can bear the burden of rapidly rising population with scarce food, water and other natural resources?

 Then, at government level, the stakeholders have to understand that the economic growth is highly dependent on the development of human capital ;therefore, the economy cannot prosper with such a low share of spendings on education, healthcare and technological advancements.

  Meanwhile, Pakistan has agro-based economy but feudalism, poor infrastructure and lack of know-how of technology have eroded away the confidence of peasants. An ordinary farmer has not access to major markets. Due to outdated methods of cultivation and low quality seeds, he is not getting the return of his hard work. Therefore, it is high time to reshape the whole structure of the agriculture sector.

  At the same time, the policymakers have to critically analyse the impacts of  cultivation of water intensive crops like rice and sugarcane on the economy in near future because Pakistan is already in the list of water stress countries. Cultivation of less water intensive and more profitable crops like pulses can be a suitable option.

 For the growth of export led industries, there is a dire need to change equation of energy mix. Currently, energy produced from thermal resources (Imported fuels) has large share in total energy produced in Pakistan which is unsustainable and unaffordable for the country in long run. Hence, Pakistan has to move towards clean and renewable resources of energy (solar, wind, hydel and etc) which will cut short the long hours of loadshedding and revive the growth of industries by enhancing confidence of investors on the market.

  Likewise, it is foolish to get the economy on a right track by using obsolete methods of regulation of economy. Digitization of the economic sector is need of the hour. It will not only ensure growth of the economy but also limit corruption.

  Above all, political stability is the baseline on which an economy can thrive. In present times, from viability of major projects like CPEC to privatization of inefficient state owned enterprises, taxation of real estate and agriculture sector and long term policy measures to govern economy are contentious issues among politicians. All the leaders have to sit together to bridge the differences and develop a charter of economy. Moreover, only this approach can ensure unhampered flow of foreign direct investment and guarantee the bright geo-economic future.

  Otherwise, short-term popular measures -debts, grants and charities- will not fix the problems. Rather, they aggravate the situation and enhance the chances of the economic strangulation.

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