A positive decree by a government can spur economic activities with no time and a negative directive can shut down businesses across the country, causing billions of rupees losses to the national exchequer just in one day. In Pakistan, a businessman starts his struggle from the beginning and fights on many fronts to the end to protect himself not only from rivals but also from various government agencies and departments. This is the game of authority. Once a government official, no matter senior or junior, starts thinking that he can do this or that, he applies everything under his control. It has become a habit in the official cadre to concentrate on achieving short term gains and cause long term losses. Pakistan has everything — educated machinery, young and energetic population, one of the best minds of the world and a desire in the individual and collective level to make progress. But the government machinery and private think-thanks have failed to countdown hindrances in the way of economic development.
Pakistan has thriving real estate market, but the government and individuals associated with it have failed to reap full benefits of its potentials. The pathetic part of the story is that they have refused to learn the real estate management from other countries, which passed through the same situation a few years ago. Pakistanis should learn from Dubai, Singapore, Malaysia and Hong Kong how small chances are exploited into big opportunities. Nothing is secret now as everything is open in this age of knowledge and information. Why the government and private individuals have failed to attract investment from US, Japan and European nations in building health and education cities in the country. Why a silicon valley could not be established in the country up to now despite hundreds of thousands IT engineers are already involved in business with their European clients. These are hundreds of instances where big opportunities were lost but no one cared. The government job is limited to only one subject: how to squeeze more and more money from the people.
The government’s tax amnesty scheme has failed and it seems it has exhausted all its options to increase revenue. The real estate business passed through critical situation during the last three weeks after the government had changed the rules of business. The black money problem is not only in Pakistan, but all over the world. It is better to utilize dirty money within the country rather than allowing it to fly to Dubai and Singapore. The government will get taxes at the end once it allows the dirty money to rollover in the country. Otherwise, no one can stop capital flight.
