The entire political spectrum fails to make a mark on the basic needs of a common man
ISLAMABAD: With the PML-N government delivering its fifth annual budget at the end of May 2017, expectations were higher than ever. Believed to be a business community-friendly government, this budget was special as it also marked the start of the election year. With huge mega projects in line for inauguration along with a final chance to cut down the load-shedding, the government seems well in line to fulfil its electoral manifesto. But to everyone’s surprise, the day was marked with protests from farmers. Symbolically it reflected that our agricultural base is unhappy with the government.
The salaried class was expecting 20 per cent increase as this would have been measured with the rise in prices. The greater focus on indirect taxation also highlights the lack on government’s part to collect direct taxes as per targets. What is lacking is a proper framework that can help the government overcome the economic crisis and set it on its course of progression. Government deserves applause for ensuring zero load-shedding for industries and adding foreign investment, but to build it from there demands a financial framework. This framework can be in form of a ‘financial agreement’ between all stakeholders with a quarterly review of financial targets.
Priorities determine the direction of financial games played by the budget owners. The entire political spectrum fails to make a mark on the basic needs of a common man. An entire tilt towards business community by PML-N or an entire shift towards labourers by PPP has never worked in the long run. A balanced approach with tax-savvy people deciding the economic growth and ensuring the seeds ripe fruit is necessary. Pakistan is on the verge of a shift, the ‘One Belt One Road’ project, CPEC and business friendly initiatives make the next 10 years extremely interesting for economic growth. Let’s see which side the camel lies in 2027.
Shumail Javed
Published in The Express Tribune, June 1st, 2017.
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