Fixing the economy

This refers to the news report ‘Fixing in-built flaws in economy must to get a sustained growth path’ (Oct 20). Pakistan is currently facing its worst economic crisis which can be traced back to the poor economic management practised in the country during the last five decades. Following the destructive nationalisation policy of the 1970s, many professional industrialists left the country and shifted their businesses abroad. Since the current predicament represents an extraordinary situation, it requires extraordinary steps. Pakistan today has a nascent industrial base, not different from what it was 50 years ago. The government has to play a direct and pivotal role to spur growth. During the 1950s and 1960s, it was the Pakistan Industrial Development Corporation (PIDC) which created the industrial base from scratch.

Little attention has been paid to reaping the benefits of technology. In the 21st century, we are using old technology to compete with other nations. The situation is difficult but can be tackled if there is will to take painful measures, keeping aside political and public sensitivities.

Arif Majeed

Karachi