Finance Minister Ishaq Dar has set the GDP growth target at 6 percent for the fiscal year 2017-18 and 7 percent for the next year, saying the country will continue to travel on the road of progress and prosperity. However, the independent economists do not see any visible progress during the current fiscal year except the normal inflow of investment from China and some other countries. No doubt the country’s gross domestic product has crossed $300 mark, the population boom has spurred economic activities and market forces of demand and supply are working in their best. Yet the element of the government participation in the stimulation of the economy is missing. As the population is growing, people need houses, cloths, food and all other basic amenities of life. Most of the economic variables are best in their work and the government participation should at least be supporting. Unfortunately, corruption has come as a major hindrance in the way of business development. A new business concern brings windfall for the officials concerned and back gear in the business starts from the beginning. The only way to allow the market forces to work independently is to clip the powers of the government machinery.
The government of Pakistan Muslim League-Nawaz has presented its fifth budget before general elections in 2018, earmarking nearly Rs 4,757 billion in expenditures for the next fiscal year. The country has made good progress during the four year’s tenure, but the government could have done more. There are many many areas of concern screaming for attention but are ignored. When all the economic variables are in favour of the government, its performance could have far better than the current level, standard and rate. The basic flaw is in the ruling elite which doesn’t have any team of economists and policymakers. All it has to do is to rely on the bureaucratic advice and decisions on every vital economic issue. The present economic policy of the government revolves around two factors.The first choice is to impose further taxes or raise the rate of existing taxes and the second option is to take loans to farther the economic agenda. This policy has landed the country into dangerous zone. The country needs practical steps to ensure real growth. This will not happen until the government sets its priorities at the first place.
