Addressing a 73rd Independence Day parade of Gilgit Baltistan, the PM expressed the resolve to take on the powerful criminals after fixing the economy. He referred to the irresponsible remarks made on the floor of National Assembly by a senior leader of PPML-N and said that people have witnessed Mir Jafar and Mir Sadiq incarnate in the persona of Ayaz Sadiq. He said that tirade launched against the institutions of the state is aimed at getting NRO, which the corrupt elements cannot get. He said that ones who are targeting the institution are speaking the language of Narendra Modi. The Prime Minister paid glowing tributes the sacrifices made by the security forces in effectively combating the menace of terrorism and defending the frontiers of the country.
The ground reality is that the financial crimes of tax evasion and operation of foreign exchange black market is still on. The conviction rate in high profile NAB case is not encouraging. Opposition leaders are openly demanding winding up of National Accountability Bureau. They are satirizing the government for not bringing to justice the elements involved in sugar and wheat shortages. Moreover, they are lambasting the PTI leadership for high price spiral of food commodities and increasing unemployment.
The economy in a precarious condition and cannot be stabilized by availing International Monetary Fund bailouts and application of its shock therapies. The previous three governments of PML-Q, PPP and PML-N availed the loans packages of this global lender but the economy cannot even reached the door of takeoff stage, what to speak of putting it on the road towards sustainable growth. The essential ingredients of economic growth include the monetary autonomy of central bank, creation of favourable economic environment by lowering production cost and substantially raising the domestic production of both industry and agriculture to significantly increase exports. These measures did not get priority in decision making neither in previous governments nor in the present one.
The PML-N government entirely relied on foreign loans and spent the borrowed capital on least productive grandiose projects such as building motorways and Orange Train, while completely neglecting the domestic productivity boosting hydropower project for agriculture and industrial development, and investment in human resource development. Likewise the PTI government is pursuing the same policy of making huge expenditure on relatively less productive mega projects, barring launching of two big dams. It reveals how lopsided development policies are being implemented and skewed priorities given preference over the ones that increase the productive capacity of the economy.
The Prime Minister has repeatedly emphasised the importance of knowledge economy. But there seems no inclination of the decision makers to emulate the growth models adopted by the developing countries of South East Asia, which enabled them reach the zenith of economic development and prosperity. A country cannot buy success from outside; it has to be developed indigenously. This is what the success story of Malaysia and South Korea tells.
The PTI government is almost halfway through of its five years mandated tenure. But like the previous government and in contrast to the vision of the Prime Minister there is an open aversion to investment in science, technology and human resource development. It has not done away with the culture of nepotism which accentuated brain drain from the country. Nothing has been done so far to create conducive environment for scientific and technological research. The existing organisation of research and development are not being strengthened to utilise their infrastructure and expertise of scientists and engineers form industrial development.
The fiscal landmines laid by the previous two governments, particularly the shady power sector investment and purchase agreements have not been cleared. The MoUs signed with local IPPs are yet to converted into agreements facilitating the payment of private power producers’ dues in installments and lowering of electricity tariff.
Long term economic growth of a country is exclusively a function of its domestic productivity. No long term policy is in sight for adopting this type of economic growth model. Let us hope, the dawn of “Naya Pakistan” will appear before the PTI government reaches to the tail end of its tenure.
https://thefrontierpost.com/resolve-for-rule-of-law/
Resolve for rule of law: edit in The Frontier Post / November 2, 2020
Addressing a 73rd Independence Day parade of Gilgit Baltistan, the PM expressed the resolve to take on the powerful criminals after fixing the economy. He referred to the irresponsible remarks made on the floor of National Assembly by a senior leader of PPML-N and said that people have witnessed Mir Jafar and Mir Sadiq incarnate in the persona of Ayaz Sadiq. He said that tirade launched against the institutions of the state is aimed at getting NRO, which the corrupt elements cannot get. He said that ones who are targeting the institution are speaking the language of Narendra Modi. The Prime Minister paid glowing tributes the sacrifices made by the security forces in effectively combating the menace of terrorism and defending the frontiers of the country.
The ground reality is that the financial crimes of tax evasion and operation of foreign exchange black market is still on. The conviction rate in high profile NAB case is not encouraging. Opposition leaders are openly demanding winding up of National Accountability Bureau. They are satirizing the government for not bringing to justice the elements involved in sugar and wheat shortages. Moreover, they are lambasting the PTI leadership for high price spiral of food commodities and increasing unemployment.
The economy in a precarious condition and cannot be stabilized by availing International Monetary Fund bailouts and application of its shock therapies. The previous three governments of PML-Q, PPP and PML-N availed the loans packages of this global lender but the economy cannot even reached the door of takeoff stage, what to speak of putting it on the road towards sustainable growth. The essential ingredients of economic growth include the monetary autonomy of central bank, creation of favourable economic environment by lowering production cost and substantially raising the domestic production of both industry and agriculture to significantly increase exports. These measures did not get priority in decision making neither in previous governments nor in the present one.
The PML-N government entirely relied on foreign loans and spent the borrowed capital on least productive grandiose projects such as building motorways and Orange Train, while completely neglecting the domestic productivity boosting hydropower project for agriculture and industrial development, and investment in human resource development. Likewise the PTI government is pursuing the same policy of making huge expenditure on relatively less productive mega projects, barring launching of two big dams. It reveals how lopsided development policies are being implemented and skewed priorities given preference over the ones that increase the productive capacity of the economy.
The Prime Minister has repeatedly emphasised the importance of knowledge economy. But there seems no inclination of the decision makers to emulate the growth models adopted by the developing countries of South East Asia, which enabled them reach the zenith of economic development and prosperity. A country cannot buy success from outside; it has to be developed indigenously. This is what the success story of Malaysia and South Korea tells.
The PTI government is almost halfway through of its five years mandated tenure. But like the previous government and in contrast to the vision of the Prime Minister there is an open aversion to investment in science, technology and human resource development. It has not done away with the culture of nepotism which accentuated brain drain from the country. Nothing has been done so far to create conducive environment for scientific and technological research. The existing organisation of research and development are not being strengthened to utilise their infrastructure and expertise of scientists and engineers form industrial development.
The fiscal landmines laid by the previous two governments, particularly the shady power sector investment and purchase agreements have not been cleared. The MoUs signed with local IPPs are yet to converted into agreements facilitating the payment of private power producers’ dues in installments and lowering of electricity tariff.
Long term economic growth of a country is exclusively a function of its domestic productivity. No long term policy is in sight for adopting this type of economic growth model. Let us hope, the dawn of “Naya Pakistan” will appear before the PTI government reaches to the tail end of its tenure.
https://thefrontierpost.com/resolve-for-rule-of-law/
Published in Pak Media comment