About the Author(s)
Rashid Rizwan
The author completed his FSc from GCU, Lahore, and his B.A. from PU, Lahore. He is currently preparing for the CSS exam while pursuing journalism as a skill. He has extensive knowledge of globalization and the dynamics introduced by the new world order
The rise in inflation and strategy of the government to handle the futile economic conditions of the country is a double-edged sword making it next to possible for the working class to make both ends meet. The breakdown of economy coupled with the bad governance of form-47 government is proving to be the final nail in the coffin for the already dwindling social position of the country.
The traumatic chapters of covid-19 and floods were strenuous for the economic conditions of the middle class of Pakistan but the fabricated hybrid model resulted in the february 8 elections to run the the country has created a situation of panic.
The surge in taxes and prices of daily-usage items has made dificult for the majority the intake of food twice a day that is fundamental for the fitness and maintenance of health. The electricity bills with constant rise in unit prices and tariffs have caused the breadwinners succumb to despair.
○ The decades of wrong policies by governments in all sectors and institutions lacking transparency and accountability in their implementation has led the country to this dire situation. The recent example is decades old capacity charges policy for the IPPs which is one of the elements contributing to the high electricity bills along with the corruption and undutifulness towards the betterment of the power sector by the appointed officials. Due to high electricity costs and raising production costs, there is increase in international and local industries shut down affecting exports badly. The shut down of industries is also causing surge in unemployment contributing to the frustration of the masses. Similarly, the unpreparedness in the agriculture sector has led to drop in the yield of crops due to climate change with high temperatures. Rather than increasing the quality and quantity in less time periods with the help of new techniques and technologies, we have regressed due to lack of development plans and mismanagement of lands. Same is the condition in all other sectors. This is the outcome of bad performance of past governments. There is an urgent need for the right policies from the government including appointments at merit, tilt towards the progressive approach by indulging in global trade rather than the protective approach and more to tackle the mess and chaos that seems to bear no other outcome but rattling the state of Pakistan.
○ Attempt to bag $7billion debt from the IMF by the government to save Pakistan’s economy is the other edge of the sword developing anguish and hopelessness in the people through taxes. The extra burden due to demand of rise in taxes by IMF is becoming unbearable for the middle class and the commitment to rollover the debts to be paid mainly to China, Dubai and Saudi Arabia is getting nowhere due to the reluctance and doubts by these states in the capabilty of our government. The subsidy provided by the governement on the unit price has also raised concerns.The corruption done by over billing is another story. The decreasing value of rupee in the market has contributed it’s part in the inflation. There is need of sustainable development policy amidst this chaos keeping in mind the economic standings of the people.
○ The upgradation of web management system and extra surveillance by government is gruesome for the digital economy. Once again, we are going backwards by disrupting the basic necessity of internet in the emerging digital world. Freelancers and software houses providing services to the world has positive outcome for our economy by earning in dollars and there is a good margin of progress that can help in the stability of economy and providing better opportunities to the skilled workers.
○ Natives are leaving country, especially the youth due to lack of opportunities in business sector and low employement rates. Youth holds the future of a nation in their hands and if we are not able to provide them oppurtunities in their motherland, the consequences of lack of talented and skilled youth left in the country will be a disaster for the future of our nation.
○ The political unrest , bad economic conditions and the inability of the form-47 government to create a viable plan to tackle the situation can severely damage the sovereignty and territorial integrity of Pakistan.
