Govt striving for economic inclusivism, prime minister says

Says martial laws, nationalisation policy took country back to the Dark Ages

KARACHI: Prime Minister Nawaz Sharif on Thursday said that his government is focused on building an economy “that works for everyone”.

“All economic indicators are positive. Revenue has increased by 60% and we are giving more incentives to the business community to encourage them to invest in the country,” the prime minister said while addressing an awards distribution ceremony for the companies that showed outstanding performance at the Pakistan Stock Exchange (PSX).

PM Nawaz said had martial law not been imposed on the country at different stages, Pakistan would have become a prosperous country. He also criticised the nationalisation policy of the late Zulfikar Ali Bhutto. “The country had suffered a lot economically when the majority of institutions were nationalised in 1972. It deteriorated the economy of the country.”



Nawaz said his privatisation policy, in stark contrast, is instrumental in developing a “strong” industrial base, encouraging innovation, boosting productivity and creating opportunities for the young.

“My ambition is to make PIA a better airline and modernise our railways by bringing in drastic reforms.”

He reiterated his government’s commitment to resolving the energy crisis and said, “I assure the business community that we will overcome the menace of load-shedding by 2018.”

“I want to ask the previous government: why did it allow the country to slide back into the Dark Ages. Pakistan would have achieved millstones if martial law had not been imposed in 1999,” he said. Those who dragged the country towards the Dark Ages should be held accountable, he added.

With each passing day, he said, the economy is soaring to new heights, referring to the latest milestone achieved by the stock exchange index when it touched 40,100 points. “We inherited many problems and the socioeconomic situation of the country was bad. Now the Pakistan Stock Exchange is considered among the world’s top ten stock markets.”

Nawaz was of the view that roads are essential for better communication and that was why his government is focusing on building motorways and road networks.

“The Karachi-Hyderabad motorway will be completed by next year and we will soon lay the foundation stone of the Hyderabad-Sukkur motorway,” he said, adding that Peshawar and Khunjerab Pass [Karakoram mountains] will be connected to the motorway in the future.

Earlier, the prime minister also held a meeting of Board of Investment at the residence of BoI chairman Dr Miftah Ismail.

During the meeting, Sindh Chief Minister Syed Murad Ali Shah expressed his serious concern over prolonged load-shedding hours in Sindh, particularly in the rural areas.

He said it was not only affecting day-to-day life but had badly crippled business activities. 

Published in The Express Tribune, September 9^th, 2016.