Charter of Economy is need of the time. Can PM Shahbaz Sharif do the needful?
Our economy depends upon two things. One is over borrowing and the second is indirect taxation.
Today we are burdened with the international loans and borrowings . We get a loan and we enjoy till we spend it. We have no proper utilization of this loan. We don’t have any substantive industrialization in the country. We have no formula how to pay back the loan. Resultantly the loan has gone high.
At times when we feel some problems in obtaining the loan we move toward the second formula. The second formula is to grab money from the general public on one pretext or the other. This is what we call indirect taxation or sometimes it comes in the guise of price hike in petroleum products or electricity.
For a profound understanding let’s analyze the situation from a very simple angle. The summer is ahead. This season should be a big season for tourism in Pakistan. We have everything that can attract a tourist but sadly we do not have any mechanism or policy to attract him. We lack facilities at tourist spots. We haven’t taken it seriously as an industry despite the fact but it has a very vibrant potential
Like the charter of democracy what we need today is a charter of economy. Economy is not that easy and simple a thing that one political party can steer it out of the wood. The whole leadership of all political parties must together and workout on a charter of economy. This charter should provide the basic principles and the plan for at least 20 years regarding the economy.
This will help boosting the confidence of the investor . This will give him a message that irrespective of the regime change in Pakistan the economic policy shall remain sane and same. What we must realize by now is the fact that the task of economic stability cannot be achieved without first achieving the political stability.
