Economic activities: Prime Minister Satisfied: IA Hashmi

Pakistan has been suffering from severe economic distress for most of its 77 years of existence, which is a major reason for the lowest per capita income. During this time, political strife reached such a point that despite the parliamentary stability achieved after the Pervez Musharraf era, the economic policies of the three governments that came to power before April 2022 could not prove to be sustainable and their strength was broken by the dollar crisis that began in 2019. Due to the continuous depreciation of the rupee for four years and other factors, the value of foreign debt increased from Rs 28,000 billion to Rs 67,000 billion. During this period, the extremely low foreign exchange reserves in the State Bank led to the economy being bankrupt three times. Inflation and inflation crossed all limits. The rate of people living below the poverty line increased from 33 percent to 40 percent. National commercial enterprises, which were making profits in the 60s and 70s, are today the lifeblood of the economy, the steel mill and PIA are enough to refer to this. 

The China-Pakistan Economic Corridor (CPEC), which started in 2013, has been delayed for several years and the energy crisis has filled the gap, which the industrial sector is not ready to accept. When any bankrupt economy is put back on its feet, the basic rate of all economic indicators increases. The dollar was brought to the level of 270 and 280 rupees last year to stabilize it. Earlier, it had crossed the threshold of 350 rupees. Now the stable value of the dollar is proving to be helpful in fueling the economic reform program. Prime Minister Shehbaz Sharif started working on the economic reform agenda without delay as soon as he took office. Two months later, it will complete one year and surprisingly, its encouraging results are coming out. 

This is being openly acknowledged by Pakistan's trading partners and friendly countries, including the International Monetary Fund (IMF), the World Bank and the Asian Development Bank. Prime Minister Shehbaz Sharif has expressed satisfaction over the latest report on Pakistan released by the Overseas Investors Chamber of Commerce and Industry on Thursday. According to a statement issued by the Prime Minister’s House, in just ten months, the country’s manufacturing sector has grown from 2% to 6%. While the growth of the services sector has increased from 7% to 30%. This situation is attractive to global investors and a clear message towards increasing employment opportunities. The Pakistan Bureau of Statistics and the State Bank have reported that the growth rate of information technology, especially services sector exports, has been 24% in a year. According to Prime Minister Shehbaz Sharif, this progress has motivated IT exporters to bring profits back to Pakistan. 

He rightly says that the government’s better economic policies have started bearing fruit. The said report highlights the economic results of the first four months of the fiscal year 2024-25, while there are still 8 months left. However, the country’s real problem is the lowest per capita income, which has not increased for 6 years. The common man is reduced to spending his monthly income on just two meals a day, while the education and health of children, along with other necessities of life, are being badly affected. The government should think about this.