Reviving the economy
The challenges facing the new PTI government are enormous. The need of the hour is to put the national economy on a high economic growth path in real terms based on actual and advanced productivity trajectory in each sector of the national economy. The problems need to be tackled through massive reforms, coupled with short term and long term action plans free of "babu culture" and with a strong political will at the top to implement them. This alone can generate real wealth for the national economy to pay off the current public debt liabilities in a few years and make Pakistan economically self-reliant in the near future.
No policy or reforms package can be implemented with effective results without cutting the bureaucratic red-tape. Our bureaucracy is corrupt to the core area that eats away the effects of all good policies and plans. Services reforms based on results achievements and market orientation, are needed to meet the challenges of public welfare, accountability and freedom from corruption. About forty percent of the budget is wasted through red-tapism, delayed and costs escalated projects and corruption. This needs drastic reforms.
Agricultural and industrial productivity is the most vital need to add real national wealth. Fast track GDP growth strategies and implementation plans are sine qua non to high growth targets achievements. In this connection, the roles of agricultural and industrial productivity indices are very vital. Presently these parameters are very low in our national economy. This requires necessary reforms package and pragmatic policies to enhance productivity levels in agriculture and industry. Cost of production needs to be cut through modern technologies. Innovation and technology up-gradation are needed, based on international models. Research and Development plays a massive role in boosting industrial and agricultural productivity
Aggressive industrialisation policies are needed to be launched in the SME sectors and large industries focusing on exports orientation. This alone would help achieve high growth targets. It would be advisable to set up public sector companies to ensure timely implementation of industrialisation programs based on simplified procedures and updated methodologies.Agriculture is the mainstay of our economy. On the basis of consultation with all stake holders and agricultural experts, comprehensive agriculture Reforms Policies need to be introduced with the following objectives: to achieve higher per acre yields, to improve quality of agricultural products, to boost exports, to introduce new crops, farmer empowerment and training, and to strengthen the Agriculture Extension Programs so that they reach the farmers effectively.
Technology advancements are fast modifying public sector, industrial and agricultural methodologies worldwide. Information and communication technologies are playing a pivotal role. Resultantly higher efficiencies, costs reduction and value addition in operations are being achieved. In Pakistan also, updated technologies, new organisation and management methods and global standards need to be introduced to achieve higher national growth in each sector of national economy. Our R&D organisations have so far failed to achieve market driven results in the absence of public private partnership. A high literacy rate and good quality education is the key to long term growth and strong economy. Enhanced economic resources and allocations for educationcan help boost literacy rates. All economically self-reliant nations in the world today have high literacy rates.Pakistan'sexports levels have been going down. To arrest the decline, the focus should be more on value-added exports, especiallyengineering goods and machinery which have high export potential. At the same time, new markets for enhancing exports need to be explored. Experts are of the opinion that with good planning and constant efforts, Pakistan can double its export earnings in a few years.