The economy of Pakistan is in desperate need of pivotal attention because it is critically troubled. The country’s resources haven’t been enhanced. The manufacturing sector is not improving and the growth rate has paused on 2.4 percent. The country has no choice but to depend on external aid. Pakistan’s investment sector, savings and GDP ratio is declining rapidly. Although, a step can be taken to eliminate poverty and employment by revamping the country’s growth rate to 8 or 9 percent.
There was some hope in this year’s budget but that has also not shown a massive change in the sectors that need crucial attention. I wished that this year’s budget would have been dynamic. It should have targeted the new areas and probed them and the problems that prevail currently should have had profound solutions. It should have presented plans to increase the growth rate, solve the credit, energy or manufacturing problems. There aren’t any obstinate steps mentioned in this year’s budget to remove inflation and unemployment.
I must say that the budget is disappointing. I’m not being cynical here, but I do want to the country to prosper. I honestly want the current government to improve the economy.
The figures seen in the past few years in the budget have not shown an achievement in the FBR’s target although it has been revised twice. A total of Rs. 1310 billion have been generated in the past 11 months whereas the revised target is Rs. 1588 billion, which according to me, would be very tough to achieve.
The most troubling part of this entire scenario is that the external figure released in the budget, which I think is Rs. 413 billion to complete the budget deficit, has not done so. And as I’ve mentioned in a previous article of mine, “Pakistan’s Current Position and Where It’s Headed”, we cannot seek IMF’s help this year because it has already informed us to proceed with the budget while it will look into our matters after July.
The country’s existing monetary has been the same for the past 3 years. The policy increased the interest rate to decrease inflation in the country, but obviously it has failed. It has crushed the manufacturing sector of the country and has escalated unemployment
This policy needs to be revised; it intensely needs a review.