How Pakistan Can Revive in Current Situation/Economic Policies That Pakistan Should Adopt Right Now
What should Pakistan do right now to get out of the economic crisis. This is the big question now a days. I have sorted few points of consideration, segregated in short- and long-term measures with respect to time to attain desired objective. I would invite further comments from you to add or further improve these points.
Short term:
Ø First, it is important to bring political stability by bringing such government which representative of mass population and which can be trusted in or outside Pakistan. So, the decision of government is backed by people.Ø Instead of bagging from IMF for $1B, we should rebuild trust among overseas Pakistanis to help Pakistan in difficult situation.
Ø Currently, Pakistan is facing economical crisis and shortage of foreign reserves. Instead of overburden to middle or lower middle class, Elite class to step in and help country, to get of this situation in current scenario.
Ø All public office holders who bought any properties or have foreign accounts outside Pakistan during public office holding period by transferring foreign reserve outside country, should bring back to Pakistan to help in crisis.
Ø There should be strict check and balance on all assets of public office holders (check on assets beyond means). There should be zero tolerance on corruption.
Ø There should be right person for the right position. All key positions in public sector should be filled by persons, having specialization in that field.
Ø If common man can pay its utility bills then other who are getting some favor, should also pay bills and so that burden can be equalized.
Ø Introducing a system of cashless transaction which should be connected with FBR and payees’ bank accounts. So, tax collected can directly be deposited into government treasury.
Ø Automation can be the great idea for all government departments to minimize corruption and increase efficiency.
Ø Privatization, lets best people do their work and focus of government should be on policy & law making.
Long term plans: (Should be initiate now)
- We have great agricultural potential with huge river system and our major population is associated with agricultural sector. We just need to incentivize our farmers by providing them subsidized fertilizers, loans, electricity and technology to yield maximum out of the production. GDP and wealth can be increased in this way through exports.
- Devise a system where government directly purchase from farmers to transfer maximum benefits to farmers and end consumers.
- Our biggest asset is our youth that is around 60% of total population. Government should directly invest on skill development of youth instead of providing them laptops or loans. In this way, they can earn for themselves as well as enhance foreign reserves for the country by selling their services outside Pakistan using multiple platform available.
- One of the major problem Pakistan facing is costly energy. Pakistan should shift its energy means to hydral and solar system. They are cheaper and environment friendly.
- Reducing the dependency on imported goods and services and gradually shift to self-developed product and services. Government should list down all imported goods and services and short listing among them which we can produce locally and encouraging local and foreign investors to establish such industries. Government should incentivize them through providing ease of doing business and tax rebates.
- Government should improve road infrastructure and increase the probability of public transport to common man. This facility should be available at door step. So that petrol consumption and pollution, can be reduced and traffic issues can be resolved.
