The 2021-2022 federal budget is loaded with ambitious targets and high debt levels. It couldn’t assure people that Pakistan is capable of getting autarky in food, setting up high-performing manufacturing units, and increasing its exports. At around $25 billion, the existing level of exports is the same as it was some nine to 10 years ago. The budget didn’t mention whether the government is working towards import substitution to preserve dollars, or whether it has a plan to end power and gas loadshedding for both domestic users and industries. The following few questions also remained unanswered: Will the 26 million out-of-school children ever get access to education? Will there ever be an egalitarian distribution of wealth to reduce the yawning gap between the haves and have-nots? Has the government done anything to build a talent pool of highly skilled persons – scientists, engineers and IT specialists – to make the most of technological innovations? At present, we are dependent on external expertise for minor projects too.
By pushing up the import bill, the country is likely to end up with a wide trade gap, which will also push the current account in deficit and make the external account extremely vulnerable. The need of the hour is to take hard and bold decisions for economic recovery. Otherwise, the economy will remain on a ventilator.
Arif Majeed
Karachi