The economic crisis in Pakistan


The economy of our country has been sick along with the economies of several other South-Asian countries that rightly form the club of “sick men of Asia” as once Turkey was “the sick man of Europe.” The sickness of these countries is not innate (possessed from birth) or intrinsic (coming from within), but transfused (transferred or instilled into) from the ugly, deformed and diseased bodies of their filthy (dirty and nasty) politicians, landowners, mill owners, capitalists and criminals who have indulged in corruption of various kinds.
The picture of the economy is now painted quite black day in and day out. The economy, which was subsisting (existing) on a massive inflow of external capital and sale of denationalized properties, is dying of thirst and hunger of capital and electricity. The multi-national companies pay heavy taxes outwardly as they send their earnings to their parent countries. Grants and loans from the advanced countries have already burdened us a lot, and now they, too, are falling.The minimal exports of raw materials cannot sustain the economy. The export of heavy machinery, electronic goods, cars, buses and their spare parts is a dream.
The balance of payments (export and import) situation is extremely unfavourable. The exports of food items like rice and cotton and leather products and handicrafts have increased, but not of industrial finished products, computer parts or machine tools as said earlier. There has not been any hopeful expansion in the industrial and agricultural sectors.
Population, unemployment and prices continue to rise shockingly. No wonder, then, the stock exchanges have lost foreign investment and business at home. The main cause of the economic breakdown is, of course, the political, social and economic system. When most of the people are illiterate, ignorant and extremely poor, how can they operate modern machines?
These machines, and even those used in agriculture, are computerized and need a good working knowledge of English. Then the raw materials and electricity used for the production of goods of daily use, like cutlery, paper, furniture and toys, are very expensive. Necessarily, the finishedproducts cannot compete with foreign goods in the international market. How can the country progress and be prosperous with shrinking exports and declining production at home?
The feudal lords, industrialists or capitalists and bureaucrats (cruel officials of the government) and politicians together have kept the masses (common people) backward and poor. The parliamentary system has bred instability and uncertainty. Our policies have not promoted or advanced scientific and technological studies. The country could not have a sound scientific base productive of scientists and experts of a high order.
We ‘should educate the whole working force on the right lines in the minimum time. The government can spend more on education and public health from its increased tax income. The capitalists and feudal lord can be made to pay a special education tax to educate the masses.
We should immediately plan and start construction of dams across rivers for the expansion of agriculture. The population, army and regular labour force should be involved in the construction of roads between market places and towns and in the countryside. This will facilitate the sale and export of agricultural produce.
We should restore the working of the closed or sick industrial units without further loss of time. The causes of the closure of a number of textile factories should be intelligently looked into, and efforts should be made to restart their production. Sugarcane and sugar production and sale should be controlled through economic laws. Food production should be boosted on revolutionary lines.
The formation and control of economic policies should be in our hands. Able economists and experts should frame sensible policies to educate and train the labour force and to invest in agriculture and industry to raise production.