The economic performance of the government has significantly improved under the dynamic leadership of Prime Minister Imran Khan. We have an import-based economy, which is the main reason for inflation. The PTI-led government has initiated support programs to facilitate the poorest segments of society. The government has subsidized the construction industry, which gave a boost to economic activities in the country. Gradually, the country is moving towards economic growth and stability. Unfortunately, the previous governments failed to generate cheaper electricity. The incumbent government has taken some bold decisions for institutional reforms and provides cheaper power supply to industrial and domestic users. The main objective of the government is to increase investment and generate massive job opportunities for youth. Despite the testing times, Pakistan’s economy is heading in the right direction. All economic indicators in the country are showing a positive trajectory. The Gross Domestic Product (DGP) is increasing and weaker segments of society are strengthening. The government has taken corrective measures to boost the economy. The right direction of governance is imperative for improved productivity, while economic growth is a key to development. In the current budget 2021-22, major rationalization in the textile value chain, iron & steel raw materials for all kinds of flat products, pharmaceutical raw materials, machinery & equipment, inputs for footwear, glass, poultry, food processing industry would further lead not only to revival of industrialization in the country but also enhanced exports. With the current measures exports are expected to grow by 5% in the next two years.
Tariff rationalization efforts in the last two & a half years have brought trade-weighted average tariff of Pakistan down from 9.07% in 2018-19 to 7.07% in 2021-22. Thus bringing tariff at par with the regional competitors, reducing the cost of manufacturing, generating employment, attracting new investment, and enhancing consumer welfare.
Comments are closed.