Since the inception of Pakistan the throng of wrinkly toffs on a good wicket framed policies and enacted rules that suited them and their elite community's vested interests. The flushed and loaded people, tenaciously intoxicated in power, always turned a blind eye to the national concerns and the public welfare. The national economy has sunk into a state of torpor due to the ad-hoc policies of the fact twisting myopic top cats. Ayub's industrialization and Basic Democracy were cast aside with his ousting, Z.A.Bhutto's nationalization and land reforms were throttled with his hanging, Zia's Islamisation crashed in the air, development strategies hatched by Benzir Bhutto and Nawaz Sharif were thrown out of Pakistan's borders with their exile.
The outcome of the "Enlightened Moderation", "Devolution Plan" and the progress plans pioneered by the current regime would not be very dissimilar from that of their precursors. Throughout the 60 years political history of Pakistan, the subsequent government considered its responsibility to brush aside the policies kicked off by its forerunner. The consequence of this frog in the well navigation of the cooties is that there has been no continuity of development plans, which is still gravely tattering our economy.
Pakistan has made average steps forward by fits and starts at a snail's pace since its birth. Foreign aid and assistance funneled by the donor agencies and developed countries acted as short-term laxatives to relieve economic constipation of Pakistan. Even the transitory swiftness of growth rate achieved by foreign assistance, a chunk of which has been provided by America when in hot water, could not give any advantage to man in the street because there is no "Trickle Down Effect".
With economic growth at 7.0pc in the current fiscal year, Pakistan's economy has grown at an average rate of almost 7.0pc per annum during the last five years. This rapid pace of expansion on sustained basis has enabled Pakistan to position itself as one of the fastest growing economies of the Asian region. But, due to concentration of fruits of ephemeral economic growth within few hands the monetary planners have failed to translate this boon to trim down poverty. By 1999s it was acknowledged that growth alone does not diminish poverty and a more direct approach is indispensable.
Time and again fiscal crisis ensuing from monstrous economic system of loot and plunder has deteriorated national economy. Therefore, a few growth periods were alternated by long stagnations. Perceptual budget deficit and trade shortfall resulting from wishy-washy failed monetary policies forced Pakistan several times to crawl before IMF to put the lug on. The country is currently entangled in the heavy debt trap of $38.86 billion that has hampered national economy. Splashing of national treasure on political gang-shag and luxurious activities of the men in the driving seat has further upset the applecart.
Corruption is acting as a blight to ruin our monetary system. Even black money garnered through black economy and bribery is transferred to the foreign banks and not invested in the country. The reprobate apple-knockers have been transgressing all the bounds of decency by looting whooping national wealth with both hands. This reckless dishonesty has been depriving of the transfusion of cash to the indigenous industry, which has made it vulnerable to flourish. Rampant sleaze has permeated all spheres of national institutions. Economic benefits never trickled down in the politico-economic history of Pakistan but palm greasing has pervaded from top to bottom.
Unprecedented surging social and political turmoil due to current judicial imbroglio, unending tide of volatile law and order situation, unchecked smuggling, uncontrolled hoarding, market manipulation by the big guns and shutter down strikes triggered by the business community have further enfeebled the already tightly squeezed economy.
Energy is necessary to fuel the power hungry industry. Pakistan is passing through pitiable phase of severe energy crisis because no major dam has been constructed for more than 30 years to tap the country's hydroelectric potential. During this summer episode, the situation has so worsen that the gap between supply and demand has touched 3,000 megawatts. Lack of national consensus and deficiency of mutual trust among the constituent units are major stumbling blocks in exploiting water resources to meet the immense challenges of water stress and energy shortage.
Throbbing pains of mounting inflation are deeply felt by all and sundry. Inflation according to Economic Survey 2006-7 is as high as 7.9 percent, well in excess of the 6.5 per cent target. What is particularly nerve-racking is the considerable growth in food inflation. While everyone in the commercial food chain, i.e., growers, livestock owners, wholesalers and retailers can tailor their priorities to inflationary pressures; no such alternative or method is available to the pitiable and the stipulated income groups.
