Economic prosperity in Pakistan is a far-fetched goal without self-reliance and reforms in the economic sector.
These views were expressed by former finance minister and PML-N Senator Ishaq Dar while addressing the third day of the third session of Youth Parliament of Pakistan (YPP) on Friday.
Presenting his analysis on the economy, Dar said there are some serious flaws in the economic policies and there is a strong need to review and revise them.
The senator said billions of rupees have been wasted by five major organisations namely PIA, Pepco, Pakistan Steel Mills, Pakistan Railways and the Trading Corporation of Pakistan.
“There is a need to introduce professional management systems in these organisations so we can efficiently utilise our resources,” he added.
According to the senator, the government spent Rs457 billion in excess to the allocated funds during the previous fiscal year. Such extravagant spending, he said, are “unacceptable and must be regulated”.
Earlier, Youth Minister for Finance, Planning Affairs and Economics Ahmed Numair Farooq presented the “Youth Financial Policy 2012” during the session.
The policy stressed on increasing revenue generation through broadening the tax base, imposing agricultural tax and ensuring tax recovery from all economic sectors. The parliament also called for reforms in trade policy.
“The accountability of military budget, promotion of cottage industry and increase in public spending, particularly in power projects, can save the economy,” said the minister.
In addition to that, Najeeb Abid Baloch, a parliament member, presented a parliamentary bill on Balochistan’s welfare. The bill proposed devolution of the national ports and shipping sector to the provinces.
The control of Gwadar Port should be handed over to the provincial government to remove the feelings of alienation and deprivation among Baloch people, he suggested.
Taimoor Shah, the chairperson of the Committee of Foreign Affairs and Defence, presented the recommendations on Pak-US relationship which suggested enhanced bilateral cooperation to curb terrorism. The recommendations also called for maintaining relations with the US on reciprocal basis.
Published In The Express Tribune, June 23rd, 2012.