‘Sustainable development not possible without economic reforms’

KARACHI: The Chairman of the National Business Group Pakistan, President of the Pakistan Businessmen and Intellectuals Forum, President of the All Karachi Industrial Alliance, Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said that the government’s decision to pursue sustainable development instead of rapid artificial growth for cheap fame is commendable.

Sustainable development is not possible without important economic reforms, in which reforms in the tax and energy systems must be kept at the top of the list, he said.

Mian Zahid Hussain said that the prime minister and the army chief have ensured political stability in the country. Moreover, the pace of the elimination of terrorism, domestic and foreign investment, and economic reforms is satisfactory, and the efforts of negative elements are constantly failing in the face of the determination of our leaders. The approval of a loan of $ 40 billion by the World Bank is evidence of progress in the right direction, and the government will not face any particular difficulty in obtaining the next IMF installment.

The business leader said that in developed countries, the entire economic system revolves around tax culture, due to which the people get a lot of relief.

In contrast, in a country like Pakistan, a tax culture does not exist, and instead of direct taxes, indirect taxes are preferred, which has damaged the poor and the economy a lot.

Mian Zahid Hussain said that until the tax culture is not developed and the FBR gains the trust of the people, the growth rate will remain low, due to which the people will face the problem of unemployment and the government will face the problem of shortage of resources.

Mian Zahid Hussain said that slow development is sustainable, but unfortunately, serious efforts have not been made in this regard, which is tantamount to economic suicide. In the past, governments used to try to complete all development projects in their own time, due to which long-term effects planning could not be done, and this haste has ruined the country’s economy.

Prime Minister Shehbaz Sharif and the COAS aim to lower the tax rate, but they cannot achieve this without raising the tax-to-GDP ratio.

At present, industries are burdened by expensive electricity and taxes, while the export sector, construction sector, agriculture sector and other sectors are facing problems due to expensive electricity and high taxes.

Mian Zahid Hussain further said that the public, political parties, and the business community should cooperate fully to fulfill the vision of the prime minister and the COAS so that Pakistan can be made a strong economic power.

Copyright Business Recorder, 2025