Ideas that have worked for Singapore sometimes give outsiders the wrong ideas. Among the many living and deceased Asian authoritarians admired by some of our top politicians is Lee Kuan Yew, Singapores long-time Prime Minister and post-independence reformer. His death last week sparked a fresh round of conclusions as to how Pakistan can benefit from the Singapore miracle.
It turns about that the government, mango growers and mango exporters are all feeling jittery about the upcoming mango season. And they should be, as the ban on Indias mango exports has been lifted whereas Pakistans mango industry remains undeveloped.
Last Friday Narendra Modi fulfilled his key election campaign pledge: his finance minister presented the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 in the Indian Parliament. As the name suggests, the law is aimed at netting all the undisclosed income that Indian residents have parked outside of India. Observers say that when this bill becomes law, it will be the harshest such law in the world.
One of the major flaws in Pakistans manufacturing industry has been its lack of emphasis on value addition. This is especially true for textile industry, where value addition remains weak with the emphasis being placed on raw cotton, cotton yarn, and cotton cloth. With falling cotton prices and lower demand in the global economy, its time that Pakistans textile industry starts focusing more on value-added textile products like knitwear and garments.
With each passing month, it is increasingly becoming evident that this year’s private sector credit supply will be lower than the last. The latest central bank data says that loans to private businesses fell about 37 percent year-on-year in the first eight months of current fiscal year. Specifically, it dropped to Rs164 billion in 8MFY15 from Rs259 billion in the same period last year.
Things have started progressing steadily for the insurance sector and the regulator is playing its role really well in this regard. Latest in the series of such events is the increase in minimum paid-up capital requirements of insurance companies - indeed a crucial initiative towards the development of a strong industry.
Prevention is better than cure. In today’s world the use of digital technology is gaining traction in providing better healthcare and consumer care environment. Diagnosing a disease in early days and to mend it through better living style, or having knowledge of surroundings and even happenings within our body through digital devices of our daily use, are not only economical but also a wise way of living.