ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif Tuesday, reiterating his call for a Charter of Economy, said it was high time all the stakeholders joined hands to formulate an unalterable policy framework for making the country achieve agro-based and export-oriented growth.
The prime minister, addressing the Pre-Budget Conference here, said the enhancement of exports and agricultural yield, and financial management should be the major components of the plan.
The conference gathered agriculturists, information technology experts, businessmen, investors and agriculturalists from across the country, who shared their proposals with the government relating to their respective areas.
“All of us will have to move together. The government will need guidance from the stakeholders and experts. The government will form a task force on agriculture and exports for formulating comprehensive plans,” he said.
The prime minister said owing to the limited time, the incumbent government was focusing on short- and medium-term plans.
Citing the successful economic growth of Bangladesh, he said being rich with immense resources, human talent and dedication, Pakistan could also achieve excellence through efficiency and modern techniques.
He thanked the experts for giving their input during the over six-hour long session.
The prime minister said owing to the non-execution of plans, Pakistan lagged behind while other nations like India excelled by following their development plans.
He said in 1991, Pakistan’s rupee was stronger than the Indian currency but in the current scenario, there was no comparison between the two. Pakistan lagged behind because the development plans remained unexecuted, he added.
“It is up to the government to execute these suggestions. We have to convert them into reality. This will not be realized until there is political stability,” he remarked.
The prime minister called for providing modern facilities in the villages to uplift the living standards of the people and discourage massive urbanization.
He said the idea of Danish Schools also served the same purpose of imparting high-quality education to the students living in rural areas.
Shehbaz Sharif said the agriculture could turn around Pakistan by enhancing the yield of cotton, wheat and other crops, and mentioned the country’s $4.5 billion import bill of palm oil which could be reduced through local production.
He said though the provinces got the maximum chunk of the NFC (National Finance Commission) award after the 18th Amendment, the federation could make comprehensive plans in collaboration with the provinces.
He told the gathering that despite the passage of years, the people of Gwadar were deprived of drinking water and electricity.
“Is this how the nations are made?” he questioned and said the deep-sea port was also losing its depth for silting which would impact the movement of heavy ships.
He said being an agricultural country, Pakistan would import three million tons of wheat during the current year.
The prime minister also lamented the unnecessary delay in the completion of the last of four LNG plants initiated by the PML-N government which should have been completed in March 2020.
“We have to give an impetus to the export-based industry. It is all about integration. The government will focus on enhancement of exports to bring in employment and prosperity,” he commented.
Coming to the foreign policy, he said the incumbent government was yet repairing the ties with friendly countries, including China and Turkey as their projects faced unnecessary impediments in the past.
He said in order to boost exports, there was a need to establish export industrial zones where land should be provided to the industrialists without any cost through a merit-based formula.
He said he had assigned the Information Technology Ministry a target of 15 billion IT exports during the next two years as India’s IT exports had touched $200 billion.
He said in wake of the limited fiscal space available to the government, the projects of national importance should be executed through a public-private partnership, including the exploration of gas and renewable energy.
Mentioning the annual deficit of $2.5 billion by the sick entities, the prime minister said the government could save the huge amount by offloading the “dead wood”.
Referring to some difficult financial decisions made by the government, he said, despite knowing their political cost, the coalition parties unanimously went for the decision-making in the national interest.
He said in order to support the poor people against inflation, the government was disbursing Rs 2,000 each to deserving families under the Benazir Income Support Programme.
Calling for the elite to sacrifice, PM Shehbaz Sharif hinted at taxing the real estate sector and encouragement of vertical construction to spare land for agricultural use.
Earlier, Finance Minister Miftah Ismael said despite the huge macroeconomic challenges, the government of PM Shehbaz Sharif had a firm belief that simultaneous participation of public and private sectors could help overcome the crises.
He said achieving six percent growth was important to ensure employment generation in the country.
The finance minister termed as necessary the tough decisions to cope with the economic challenges and stressed that industrial and agricultural sectors would be improved as priority.
He vowed in this regard giving subsidies to farmers and power generation sector to ensure development.
He mentioned significant rise in fiscal deficit during the Pakistan Tehreek-e-Insaf rule as compared to the tenure of Pakistan Muslim League. He said around 20 million people hit the poverty line in last four years of PTI rule as the previous government took a loan of Rs 20,000 billion.
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