According to Business Recorder of 28th August, 2015, the media cell of the Pakistan Awami Tehreek held a nation-wide survey on the topic "Is the economy of Pakistan improving"? Around 25,000 people in Pakistan and abroad took part in the week-long survey. According to the survey, the government's economic policies had proven disastrous for over 50 percent of the population.
"The so-called economic survey conducted by PAT has no significance considering that it has been conducted without any reliable data. Contrary to it, different international agencies through their expert analyses based on facts and figures have different opinion about Pakistan's economy.
"The international analysts and observers are all praising our macroeconomic stability and potential for future growth, like JETRO has declared Pakistan as likely to be second choicest place for FDI; Jim O'Neill has forecast that Pakistan would be world's 18th largest economy by 2050 from its present 44th position; Overseas Investors' Chamber of Commerce and Industry (OICCI) has found that Business Confidence Index amongst its members, which stood at -34 has climbed to as high as +18; Moody's and Standard and Poor's have both improved Pakistan's outlook from negative to stable and recently from stable to positive; Bloomberg News says that despite challenges (a) corporate earnings in Pakistan are soaring and (b) stocks have surged. The Economist London in its 2nd May 2015 issue has praised Pakistan's economic recovery and so has the World Trade Organisation (WTO) Trade Policy Review. Similarly, 3 top world media houses like the Bloomberg, Forbes and the Economist etc have reviewed that with a fast improving security, dynamic Pakistan has the potential to be a global turnaround story.
"Furthermore, Pakistan has witnessed the resumption of policy lending from the World Bank and Asian Development Bank, which was suspended for the lack of a stable macroeconomic framework before June 2013. After achieving macroeconomic stability and the requisite increase in foreign reserves in February 2015, Pakistan is declared eligible again for IBRD facilities.
"With regard to other statement that 'this government has broken the backbone of the farmers who cannot think of standing on their feet any more during the rule of this PML-N government'; it is stated that this claim is completely wrong and misleading. The present government has taken various measures to facilitate the farmers such as:
"During 2014-15, the government has provided a subsidy of Rs 10 billion to facilitate small scale rice growers having around 10 hectares of rice land to help them combat the declining global rice export price. Due to a low demand in international market rice mills have suffered huge losses. In order to provide relief to them, it was proposed that rice mills may be exempted from minimum tax for the Tax Year 2015.
"During 2014-15, the government has also allowed Trading Corporation of Pakistan (TCP) to procure one million bales of cotton at the support price of Rs 3000/- per 40 kg to benefit the farming community. "In order to facilitate the farmers and increase the wheat production, the government has increased the support price of wheat to Rs 1300/- per 40 kg for the 2014-15.
"For 2015-16, the government has enhanced a 20 percent increase in agriculture credit to Rs 600 billion. "In order to facilitate the small growers and to reduce heavy expenditure incurred on diesel/electricity tube wells, it has been decided to provide interest free loans for setting up new solar tube wells or replacing the existing tube wells with solar tube wells. It is estimated that the cost of half cusec solar tube well may be up to Rs 1.1 million. Against a deposit of Rs 100,000 the government will provide interest free loans through commercial Banks and will pick up the mark-up cost on these loans.
"It has been proposed that for new industrial undertakings engaged in setting up and operating cold chain facilities, and setting up and operating warehousing facilities for storage of agriculture produce, may be granted Income Tax Holiday for three years if they are set up before 30th June, 2016.
"It is advisable that before conducting such economic surveys and making statements with regard to economy, the organisers should have had a look on the economic indicators. They should appreciate and acknowledge the efforts for rebuilding the economy rather than presenting a misleading picture."
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