Reduction in GDP

DADU: A meeting was held by the National Accounts Committee last week to analyse the production figures of the country for the financial year 2015-16, at which a reported decrease was observed by officials. The country achieved 4.7 per cent growth in GDP although the target was 5.5 per cent for the year. This missing of target in domestic production was because of negligence of the agriculture sector by the ruling party. Prime Minister Nawaz Sharif and his government did not leave any stone unturned to hinder agricultural progress.

Everyone is aware that the ruling party caters more to the business class. Many of its members are notable industrialists of Pakistan and hence, the agriculture sector and its interests end up being ignored. The prime minister and his ministers have perhaps forgotten that most people in the country belong to the agriculture sector with a significant portion of the Pakistani population living in rural areas and these people directly or indirectly depend upon agriculture. Most provinces have experienced a decline in agricultural production over the past several years. According to NGO reports, Sindh, which contributes a huge portion of GDP in the agriculture sector, has faced an acute decline — almost 25 per cent — in its main contributing sector. The conditions of other provinces in terms of agriculture are almost the same because of not having proper pricing policies and improper water distribution between provinces. Unannounced power outages have not helped matters either.

The higher-ups have treated the agriculture sector like an orphaned child even though it is vital to the success of other industries. The ruling party must understand that all sectors of the economy must be given equal importance, which is the only way to achieve sustained economic growth.

Jabar Rustamani

Published in The Express Tribune, May 24^th, 2016.

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