Election promises crushed by economic realities


Tax policies created uncertainty
Observe Report


The irresponsible promises made during the election campaign have collided with the economic realities leaving the masses angry and panicky, a business leader said Saturday.
Masses are waiting for the delivery of any of the expensive, radical and unbelievable promises which included millions of homes, hundreds of dams, ten million jobs, better health, and education facilities and political stability, said Shahid Rasheed Butt former President ICCI.
People have not seen any of the promises come true while the tight constraints introduced by the policymakers have eaten up around 1.5 million jobs, caused unbearable inflation and produced uncertainty, he added.
Shahid Rasheed Butt said that the mismanagement of the economic managers continue to beat the drums of success but they have left the government with no choice but to squeeze masses to meet its increasing expenses.
The weakness in local and foreign investment and reduced remittances have also become a cause of concern while the high-interest rate is attracting some funds from abroad which can be withdrawn anytime, he added.
The business leader said that without a jump in private investment, it is hard to imagine an improvement in economic situation while deep uncertainty created by tax and other policies is making development highly unlikely.
The government is facing resource constraints, choking imports has reduced deficit but also contracted the economy which was already facing difficulties which compression in incomes is resulting in unrest, he observed.
Mr. Butt noted that the nation had always been deceived by the majority of the rulers in the name of progress and prosperity and the present government has lost many supporters due to an increase in prices of necessities.

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