Mr. Faiq Hussain's take on the Revival of the Economy
Despite massive devaluation of Pak Rupee, exports of the country are not increasing accordingly. Internationally there is a pattern if the currency is devalued by 5% , exports increase by 10%. In our country no such formula applies. As a result economy of the country is not showing any positive sign rather the inflation is going up. This is a matter of concern for the government. If corrective measures are not taken timely, it is apprehended that such a dismay situation will continue in the remaining period also of the government. It is, therefore, proposed that:
- The exports based on textile items will not increase "substantially" because of various reasons, nationally and internationally. Yes, if High-Tech industry is promoted properly in the country, it will boost exports substantially in a short period of time. For example, India exports software to the extent of over 100 billion USD per year, while ours are hardly 1 billion USD. Interestingly, its technology remains the same on both side of the border. Only difference is that of international marketing & availability of facilities in the country. Similarly, enhanced production of automotive parts can also play a very important role in increasing our exports. Pakistan's richest person, Mr. Shahid Khan, a resident of the USA, is in the same business. His help can be sought in increasing exports of automotive parts Internationally. Furthermore, we are importing thousands of motor cycles every year in the form of different parts for the last so many years. Can't we make them locally which can be exported also. Same is the case with Cell phones. Reportedly, there are about 100 million connections in the country. Phone sets will be more than this number. If prices of these sets are calculated at a very low rate of Rs. 2000 per set, it costs heavily which has entirely been paid in foreign exchange.
- Besides the aforementioned High-Tech industry, Livestock Farming can also play a very important role in increasing national economy, particularly in rural areas in a short period of time. The entire country and all the nearby countries are meat eaters while supply of mutton and beef is limited as a result prices of these items are ever increasing so much so these are now beyond the reach of middle class, what to say of lower class. To quote one example, during the Hajj season, Saudi Arabia imports thousands of sheep from a far-flung country i.e., New Zealand. We are located near to the KSA but can't supply live stock to them due to short supply. Dairy projects are off shoot of live-stock farming. Many countries' economy in the world is dependent on dairy products but we are an agricultural country could not develop this industry properly. Livestock farming also helps in developing tanneries and leather products industry. Availability of "halal" gelatin is another benefit of livestock farming. Presently, we don't know what is the source of available gelatin?
- Stuffed toys have a multi billion market internationally, but our share is negligible though being a textile producing country, this is our field? If this industry is developed properly, it will boost cottage industry in the country particularly in rural areas.
- Baluchistan is rich in gold and copper ore. These precious metals can be extracted at a small scale through Smelters. These metals will help in increasing exports many folds besides generating employment in the province.
- To increase employment in the country in a short time, sick/closed industries may be revived. If agreed, a detailed proposal can be submitted in this regard. It may please be noted that Rome was not built in a day. Development of industries take time so earlier the better. I would reiterate that Mr Shahid Khan's help can turn around the country's economy in a very short span of time. The country's exports can easily be increased to over USD 50 billion in five years' time if the aforementioned industries are properly promoted.