The ever-increasing prices of essential goods and services have deprived the common man of his self-esteem, so to speak. In other words, these have shattered his confidence in his own worth or abilities.
The rising costs have badly eroded the purchasing power of the rupee and led to increased cost of living with consumer price inflation reaching a whopping 38 percent.
No doubt, these are trying times for all of us. Unfortunately, however, the government has been playing the role of a silent spectator as it has failed to take any concrete step aimed at bringing in price stability and containing inflation. Moreover, there exists an utter lack of market discipline and total failure in monitoring, resulting in further price hike.
Ironically, the budgets presented by federal and provincial governments appear to be bereft of real appreciation of people’s plight and the overall economic slide.
Massive increase in the number of jobless people due to economic slowdown is another serious cause of concern for people.
The elite capture seems to have tightened its hold on the public resources in present trying times in the country.
Unfortunately, there appears to be no light at the end of the tunnel. Needless to say, the country needs an “Italian economic miracle” to deal with a slew of challenges facing the nation at this point in time.
Nusrat Mirza (Karachi)
Copyright Business Recorder, 2023
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