Sources from the Planning Commission (PC) disclosed that these decisions have been taken in light of the recommendations put forward by the Economic Advisory Council (EAC) during its last meeting.
It was learnt that as part of the analysis, market mechanisms prevalent in Pakistan will be compared with those of neighbouring countries, following which a detailed report of the findings will be compiled.
The report will be used to plug loopholes in the prevalent system. Sources claimed that the government was even willing to enact new legislation to strengthen the functioning of markets.
By doing so, the government hopes to control the prices of daily necessities, manage rising inflation, crack down on the artificially created shortage of goods and secure the provision of essential commodities. When contacted for comments, an official of the Federal Bureau of Statistics (FBS) said that the function of price control committees and other regulatory authorities would be thoroughly examined.
He explained that the survey will try to identify the elements involved in hoarding and cartelisation. Consumer protection laws would be reassessed and the idea of establishing consumer protection courts will also be reviewed.
According to the minutes of the EAC meeting available with The Express Tribune, Deputy Chairman PC Dr Nadeemul Haq had expressed reservations about existing market mechanisms.
He was of the view that Pakistani markets were deliberately being operated in an unprofessional manner and suggested that a detailed study be undertaken to examine the functioning of markets and regulatory authorities.
Published in The Express Tribune, July 30th, 2010.
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