The share of textile sector is 55 percent in the gross domestic product even its potentials are not fully utilized. According to economists, Pakistan has the potential to exploit human and natural resources in the country, but little attention has been given to stimulate the economy. An ordinary citizen has the knowledge and knowhow about the direction and progress of economy and the fields where the country can made advancement at fast rates. However, the officials sitting in important seats are void of any reasons to put the economy into the functional mod. The industrial sector faces many challenges, including rising cost of production and witch-hunt of the business community by various government agencies. As a result, the low production means low surplus of commodities for exports. The country is facing a widening gap between imports and exports.So far the foreign remittances, sent by expatriate Pakistanis,are playing a major role in bridging the gap but flow of the money into the country will gradually decrease putting further pressure on the finance and economy.
No doubt the cost of doing business is on the rise in Pakistan due to flawed economic policies. Experts believe the government should have to focus on economic policies to enhance exports. The textile sector is the major sources of income and the government must revisit its list of priorities to revive this sector. Pakistan has commercial attachés across the world, but most of them are involved in dereliction of duties. The commerce ministry must call performance report from each mission to evaluate their working and incapable officials must be sacked. Most of the officials are drawing hefty salaries and perks abroad at the cost of the taxpayers money, but offering nothing to the nation in return. According to reports, out of 196 countries, only 50 are export partners of Pakistan. At least 75 percent of international markets are still unexplored. The government will have to make a contingency plan to enhance the ambit of export market as Pakistan has a strong cottage industry which is still unexploited.
Meanwhile, Harald Finger, the mission chief to Pakistan of International Monetary Fund,hopesthe country’s economy will grow in due course of time as the past cycles of near-crisis has been over. Pakistan has recently received the last tranche of its three-year extended facility programme with the fund and is not willing to enter into another loan programme. The government is trying to give a stabilized look to the economy without offering any major shift in its policies. The county is being run on loan programmes and the government is running from one agency to another to get cash. The government is not ready to exploit full potentials of the industrial sector and is wasting its time on peripheries.
