Thursday January 20, 2022

No way but up

December 08, 2021

This refers to the article ‘A depleting rupee’s appeal’ (December 6) by Senator Rehman Malik. The article wonderfully depicts the suffering of the rupee since Pakistan’s independence. The one thing Pakistan truly lacks is proper leadership to implement a sound economic policy. Simply imposing heavy taxes to enhance the government’s income is an unwise strategy and a major hurdle in organic and sustainable economic growth. The government should utilise local resources to minimise imports and increase exports. For this, the government first needs to appoint reliable and experienced people in all state-owned enterprises. There must be predetermined objectives and their periodic monitoring. Time must not be wasted in locking horns with the opposition.

In the case of the automobile sector, for instance, Pakistan can begin exporting vehicles after acquiring the technology needed to manufacture critical parts. In almost two decades, potential car manufacturers have already produced a number of cars with up to 60 percent deletion for local consumption. It is the need of the hour to completely manufacture cars in the country to discourage inflow of imported cars and to increase exports. A similar approach in other areas will further strengthen the economy and provide employment opportunities.

Engr Asim Nawab