Mian Mansha gives recipe for rapid economic growth
Mansha said the government will have to lower the interest rate. He said in order to reduce the interest rate, the government will first have to privatize state owned entities.PHOTO: ARCHIVE.FORTUNE.COM
Noted industrialist and Nishat Group Chairman Mian Muhammad Mansha has given a recipe for rapid economic growth and termed progressive market-oriented policies, based on modern methods, the key to success.
“Pakistan can achieve rapid economic growth by reducing trade barriers and minimising state’s influence on the economy through privatisation and austerity,” Mansha said while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday.
Citing that privatisation promoted various sectors of the economy, he pointed out that privatisation in the telecommunication sector enabled the public to have access to everything from phones to cheap calls.
He noted that good deeds of the state should be appreciated. “It is good that motorways are built and development work is being done in an expeditious manner but at the same time the state should also focus on sectors that are draining billions of rupees annually.”
He was of the view that privatisation of airports, along with Pakistan International Airlines (PIA), would increase their efficiency and reduce the cost of aviation services.
Railway, which was a lucrative business during the British rule, has turned into a burden on the state, he said.
Mian Mansha pointed out that a reason behind the high cost of electricity was state intervention.
He also emphasised the importance of improving relations with regional countries, mentioning that one of the reasons for Europe’s development was the removal of border restrictions and promotion of bilateral trade.
Published in The Express Tribune, February 3rd, 2022.
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