REGARDLESS of the breakout of Covid-19 which has badly affected economies around the world, Pakistan’s economic indicators are on a positive trajectory. The economy witnessed positive signs during the first quarter of the ongoing fiscal year 2020-21 as remittances grew 26.5%, foreign direct investment (FDI) 9.1%, tax collection 4.5%, and the primary balance has been in a surplus worth Rs.258 billion. The large scale manufacturing has registered a growth of 4.8 percent growth while the cement sector expanded twenty percent at one hundred percent capacity utilization.
Indeed these are positive developments and credit for this definitely goes to the fiscal discipline and policies being pursued by the government. Incentives given to different sectors recently as well as an effort made to facilitate the businesses indeed will help push up the economic growth. We have no doubt in saying that our economy is packed with potential and it is a matter of only right decisions to exploit it. These, however, are also challenging times as the second wave of Covid-19 is proving to be more fatal. Complete lockdown and closure of industries will hurt the economy and the livelihoods of the people. Indeed no compromise can be made on the life and health of the people but the government must ensure that the industries remain open. This can be done by making sure that the SOPs are fully adhered to at the industrial units. The federal and provincial governments must also work towards uplifting the agriculture sector. We are an agrarian economy but how unfortunate it is that today we are importing wheat and sugar from abroad to meet the domestic demand. We need to be self sufficient in all the agri-products and for this a comprehensive policy should be prepared. Incentives must be given to the farmers in order to bolster the production of crops. As the economy is showing signs of recovery, its benefits must also reach the common man. Currently, there is great resentment amongst the people about the rising prices of essential commodities. Mere lip service or statements will not work rather concrete measures need to be taken to bring down the prices of essential items.
