There are no two opinions that progress and prosperity is the fruit of democracy and a big majority of the countries on the globe are today reaping this fruit and making their presence felt by all, but unfortunately Pakistan, despite having a democracy is far behind in this race.
Why these democracies are writing success stories with every passing day and why we are not. It is usually believed that economic growth can take place only in the presence of political stability, but in our case, we contradict this conventional wisdom. The democracy-development nexus appears to be faltering in Pakistan. And there are certain reasons for this situation. How come a country that had an average GDP growth of six percent and registered manufacturing sector expansion by 9 percent in sixties is today facing an economic meltdown-like situation. By 1969, Pakistan's exports were higher than the exports of Thailand, Malaysia and Indonesia combined. Had economic policies and programmes continued over the next two decades, Pakistan would have emerged as another miracle economy.
In Pakistan, the politicians are not playing their due role and are busy in mud slinging, while on the economic front, the policies are being made in isolation - without the consultation of the stakeholders - the private sector. While fact remains that the private sector has all the abilities and the capacity to turn the economy around.
I am trying to make the point that it is the government that should take the initiative for turning the economy around. It should immediately convene a roundtable conference of political and economic leadership of the country and convince them to take a new start by initiating work for the country. And at the proposed roundtable conference, the government should present the list of problematic areas and the politicians and the business community should be tasked to come up with consensus doable solution.
As far as leaders of political parties are concerned, I have strong hope that they will welcome the invitation of the Prime Minister. According to my opinion, economic problems of the country and their solution should be the top-most agenda of the aforesaid conference and all political parties should not only prepare substantial and comprehensive proposals for the solution of economic calamity.
On the behalf of business community across the country, I assure my full support to the Prime Minister. I also suggest that the government should immediately constitute a task force for the revival of economy. All top-notch economists and business leaders should be made part of this task force. At this juncture, we also intensely need to evolve a joint strategy to tap huge mineral resources, the country possesses.
We have the fifth and third largest reserves of gold and copper and coal respectively. According to a rough estimate, value of coal reserves in Pakistan is around $30 trillion that is 187 times more than the GDP of Pakistan. Yes, the worth of our coal reserves is higher than the combined oil reserves of Saudi Arabia and Iran. Only 2% of Pakistani coal reserves could generate 20,000 MW electricity for almost 50 years.
Despite this never ending wealth, Pakistani people and industry are facing the worst power crisis and the country itself has $58 billion external debts. In addition to gold, copper and coal, the country has vast reserves of precious stones, gypsum, salt and marble, but instead of taking full advantage of these God-gifted resources most of the share being exported in raw form.
Secondly, in the in the proposed roundtable conference, the government should also present the case of Kalabagh Dam and after winning a consensus, the government should start work on this mega project without any further delay. Definitely, some reservations would come up in the way of construction of KBD, but the government should do the needful for the removal of the grievances of the opponents of Kalabagh Dam.
Like the NFC award, Punjab government, hopefully would again play the role of elder brother and announce to stay away from any sort of royalty or other benefits to silence the opponents. It would make the people of Punjab happy that their Sindhi, Baloch and Pushtoon brothers are getting benefit.
Had the work on this mega project been started in the past, the electricity situation would have been excellent while the Sindh and Balochistan also remained safe from the disastrous floods. Education and health issues should also be discussed in the proposed conference as these are important issues of the Pakistan. I do propose that in the federal budget 2011-12, the government should at least double the education and health allocations as the country is facing very serious circumstances in this regard.
One on the one hand, the literacy rate in Pakistan is very low even as compared to the other countries of the region while on the other, the general public is suffering due to lack of health facilities.
The participants of proposed conference should also build a solid framework to make the law and order situation better. The law and order situation is not limited to the suicide attacks and acts of terrorism but thieves, dacoits, murderers, kidnappers and abusers of innocent children are also playing havoc with the nation. All participants should prepare their suggestions and proposals in this regard while the government should ensure the implementation. If Prime Minister Syed Yousuf Raza Gilani calls the proposed conference, it would be a big favour to the nation.
Vice President of Saarc Chamber of Commerce and Industry and former President of FPCCI.