Eco­nomics of In­vest­ment

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Why is Pak­istan bar­ren so far as in­vest­ment is con­cerned? With all the horse and pony shows go­ing on the in­vestor re­fuses to bring in in­vest­ment. The Mushar­rafShaukat regime did the same. Many ‘soor­mas’ went on a jun­ket trip all over the world but to no avail. In fact now those that have al­ready in­vested here are mov­ing out of the coun­try. In fact the weak­ness in the coun­try is not only in terms of in­vest­ment for the malaise is deeper than that. No one in this coun­try wants to con­front the truth. The other day Bar­ris­ter Aitzaz Ah­san was lament­ing the fact that the re-or­dained CJ had an ex­cel­lent chance of cor­rect­ing the lower ju­di­ciary. y. That did not hap­pen.

Mat­ters have de­te­ri­o­rated since then. The bad has be­come worst and the worst has be­come un­speak­ably bad. I go to th­ese lower courts and see as­ton­ish­ing facts. It is now com­mon knowl­edge that what the wit­ness says is never recorded as such es­pe­cially if the state is in­volved. The crim­i­nals in the state are ac­tive and want to have it their way. But the malaise is deeper than that. I per­son­ally went to the high court in an ap­pli­ca­tion for contempt of court. The case would be on the list and then at mid­night or so we would be in­formed that the case has been delisted. A re­tired judge was in­volved and would try and save his son-in-law. We know from pre­vi­ous ex­pe­ri­ence that son-in-law is kept in cot­ton wool than a son of seven sis­ters. They are so sa­cred that they have to be given a ‘bisakhi’ by the po­lit­i­cal sys­tem. In re­turn the po­lit­i­cal sys­tem re­ceives its pound of flesh. It goes on.

I have had the good for­tune to know Jus­tices Cor­nelius, Saad Saud Jan and Jus­tice Za­farul­lah and Orch­e­son who were men of great in­tegrity and good sense. I used to bunk school to lis­ten to the legal bat­tles that were go­ing on in the La­hore High Court. One such legal battle was the EBDO pro­ceed­ings against Suhar­wardy. It was a spell­bound per­for­mance by the leader from erst­while East Pak­istan. Prob­lems will al­ways be there and the way out is with rea­son­ing and not with brute force. The prob­lem is deeper than what is imag­ined by the pol­i­cy­mak­ers who seek to avert ev­ery is­sue by the use of force. What is law and or­der in Karachi and is the un­rest merely be­cause of the law and or­der in­stances. Are we in­ves­ti­gat­ing the ob­scure? The ob­scure has be­come more ob­scure with the pas­sage of time. When the ig­no­rant doubt they do not know what to be­lieve. What are the so­cial and eco­nomic truths that are to be un­der­stood for se­ri­ous ac­tion to be taken? Fire here and fire there is only an in­di­ca­tion of fire in the hu­man souls that Pak­istan is un­able to han­dle. The prize of a PM is the un­der­stand­ing of the so­cial malaise that is hit­ting the coun­try and the prize of a gen­eral is not a big­ger tent but a bet­ter and stronger com­mand.

PM’s own­er­ship is not a ter­mi­nus but a gate­way to big­ger and bet­ter things. In­vest­ment, prof­its and large ones at that should mean more in­vest­ment and more em­ploy­ment. Has that hap­pened? No Loans are pro­vided to friends and not to en­trepreneurs and th­ese friends are get­ting the most of it with­out any col­lat­er­als and guar­an­tees. The bank­ing sys­tem has been de­bunked by the de­bunked poli­cies

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