So what if the KSE is the best stock market?

We, as a country, thrive on pacifiers. After the Army Public School tragedy took place, the National Action Plan became a pacifier. After the bus attack against Ismailis happened, the Zimbabwe cricket series became a pacifier. In fact, after every major attack or killing that takes place on our minorities and smaller communities — and those who support them — the inane committees that get established afterwards to “probe into the matter” also work as pacifiers for us. As long as you have a committee for a particular problem, the people don’t have to do anything. All is well.

Well, no. All is not well.

One such recent pacifier is the Khaleej Times news report which states that the Karachi Stock Exchange (KSE) is the best stock market in the world. Many people have dubbed this as a great economic leap for Pakistan and several have gone as far as to comment that after this achievement, becoming a developed nation is just round the corner.

This news story, in itself, has helped pacify a lot of people whose frustrations have not been placated, and who might have done something about the perpetual financial crisis this country is. They might have worked to create the necessary conditions for a sustained economy. But what this news story has done is to nullify any form of protest that might have been brewing amongst the masses — especially amongst the people of Karachi. The idea that “if the KSE is doing well, then that means something is happening” appeases the people and gives them hope — a hope which cannot possibly be filled by just one part of the GDP doing well.

Also, the fact that this news story has been published so close to the Budget 2015-16 announcement is also very peculiar. However, that discussion is for some other day.

My question is, even if the KSE is the world’s best stock market, does that change anything for the locals? Is it creating sustainable jobs? Building infrastructure? Helping the poor by providing food, clothing and shelter? Making our education and healthcare systems better? Ending red-tapism and letting people progress without any hurdles? No, it is not. Not visibly, at least. And progress which can only be seen on paper is no progress; it’s a sham.

And if the KSE is doing well, then that means the rich are getting richer — which essentially kills the whole notion of progress at a nation-wide level. It is time we start seeing these scraps of good news as motivations to solving our problems, instead of being pacified by them and then doing nothing.

Published in The Express Tribune, June 8^th, 2015.