There are a number of factors which are conducive to economic growth but the two most important factors, surpassing all others, are law and order situation and provision of utilities at reasonable rates. By law and order we mean, as the name implies, peace and security of workers and entrepreneurs. We have voluntarily entered into ‘war on terror’ and for a few dollars we have gone very deep in it. Our engagement has brought about TTP which has no principles or scruples. They blast bombs arbitrarily and at random. Nothing is safe in the country including mosques and shrines. Our expenses on security have gone up sky-rocketing with no results. Our budget for the poor has been distorted. Transport system is completely jeopardised with NATO supplies on and off.
Smuggling is now almost a legitimised business. Big bosses are directly and indirectly involved in it. As for utilities power is on top. The imbalance so-created in exchequer has made IPP Circular Debt figure high and not manageable, hence persistent shortage of supplies against demand in any season. Thar Coal and windmill generation are all but dreams; hence no immediate respite. Gas shortage, due to Balochistan issue, has become grave. To top it all, insurgencies in Balochistan, political decision to make new provinces, general unrest, the ever increasing crime, numerous SC Petitions, country wide protests and strikes, ‘jalao gherao’ situation, isolation worldwide, US consistent threats of sanctions and number of such things have baffled the government. There is no rule of law.
In brief, the business environment cannot be gloomier than this. As the text books say, under these circumstances capital flies out of the country, FDI is negative and creation of credit locally becomes a dream and that’s exactly what is happening. Institutions which help investments and expansion are either on strike or are existing just to keep people employed. In this kind of scenario do we expect miracles to happen? Look at BD, they have made their mosquito-ridden country into a paradise for business. Indians have made India a heaven for people to invest and thrive despite horrendous population explosion and teeming millions of slumps. This signifies that one can do when one wants to do. Business people, by nature, do not have a nationality they only focus on profits.
They have no love lost for anything except money. Business environment in Pakistan has gone extremely deplorable in the past 15 years or so particularly. It will take some decades to rehabilitate and that too if some consistent efforts are made. As of now I do not see on the horizon any hope any vision any sincerity and any step towards this. As an economist I do not see anything good happening in the power sector except dramas in the near future unless hundreds of other issues are handled and managed. But do we have even a single face on the horizon to do it? By classification we have become a nation of conspiracies, intrigues and blame-game. Gradual growth of corruption has ruined the country, corruption in the forms of finance, work, responsibilities, morally, mentally and even behaviourally.
AMJAD H MIRZA
Lahore
