LAHORE: Punjab Finance Minister Makhdoom Hashim Jawan Bakht has said inefficiency in government and in the size of the government is really a big concern.
Over the last 10 years the Punjab government has built the debt of Rs447 billion in wheat business alone -in buying wheat, storing wheat, selling wheat, the minister said while addressing the Pakistan Leadership Conversation jointly organised by the Association of Certified Chartered Accountant (ACCA) and British Council here on Tuesday. He said in the entire process beneficiary was probably 10 per cent only while most of the money went in refinancing debt stocks, towards banking sector, storage, pilferage and target of benefiting farmers in wheat procurement was never achieved. The minister claimed this year the government had significantly brought down the deficit by stopping inefficiencies in the system.
“We believe in increasing the role of private sector in different fields while the role of the government will be of a facilitator. So, when we talk about ease of doing business it is more about the World Bank ranking”, he said.
The government is looking it with more holistic approach. First time in Punjab, the government is looking each and every regulation with business orientation, he added.
“Each department is tasked with looking into every regulation, law and establishing certain standardized measures whether these laws and regulations are business-friendly and business supported. It is necessary to filter all rules and regulations and come up with smaller number of rules and regulations viable for business promotion”, the finance minister said.
Jawan Hashim said the government was also looking for its main resource generating items from where it can raise revenue generations and measures required for it. “Punjab is a province of land and we have to unlock the potential of cities for revenue generation”, he said, adding by providing ease of doing business, growth stimulus will move towards the private sector and it should be.
Government engine could not absorb millions of jobs and youths rather private sector can give employment to them, he said. The government will ensure facilities up to mark to achieve double digit growth in which all policies should be business-friendly, he added.
The finance minister said Pakistan missed early opportunity of industrialisation in which world moved from agrarian society to industrialised society. Both government and private sector should play their role as innovators for leap frog growth. But in innovation, fundamental of the business would be the same and the integrity would be more valued, he added.
Earlier, Chairman Nishat Group Mian Mansha while opening the session said every government heavily relied on loans instead of reviewing its assets and potential. He appreciated the government for thinking out of box solution by adopting different approaches. In this situation every institution should support the government, Mian Mansha said and added political stability could revive the economy.