Government on the right track

October 24, 2018

After all the PTI government seems to have settled down and is sending out optimistic messages which absolutely will assuage fears of the masses and also restore confidence for likely investment in the country. From this angle, the visit of Finance Minister Asad Umar to Pakistan Stock Exchange, Karachi was extremely important given the bearish trend being observed these days. In his talks with businessmen as well as brokers of Pakistan Stock Exchange, the minister looked to be far more positive about the economic indicators. His comments that the economic signs are now moving in the right direction with remittances and exports signifying healthy trends perceptibly will produce positive vibes and re-establish the confidence of both domestic and foreign investment in the economy and capital market categorized two years ago as best performing market in Asia. He also promised to take necessary steps for improving the capital market and general environment for investment. Certainly, it is essential that people should be told how the economy and the country were dealt with in the past but in a careful manner, and as to what the present government is doing to correct the past mistakes. It is clear that the government is now on the right path as Prime Minister Imran Khan’s recent meetings with business leaders and economic experts proved quite fruitful as they expressed full confidence in the government policies. It is only through encouraging entrepreneurs and making things easy for them that the government can realize most of its objectives on economic front. The measures taken to restrict imports by imposing heavy duties on luxury items are laudable as this will prop up and sustain the local industry. It is high time the government starts deep structural changes to attain to sustainable higher economic growth, focuses on shoring up exports through diversification and value addition, pushes for investments that will create greater job opportunities and reorganizes loss making institutions. These and other steps such as expanding the base of direct taxes can steer the country out of the present economic troubles and debt trap. The Finance Minister seemed very confident when making statement that the next IMF package will be the last one for the country. The Prime Minister and his finance team have been elected to power by people to bring about a real change; therefore, the people will constantly keep an eye on them to see how far they succeed in achieving something on economic front to effect a visible change in their life and their existing living standards. Will the PTI government be able to make history and prove to be different than their predecessors? Only time will tell this. But some tough decisions are indispensable to do the needful.

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