Rulers need to revisit principles of profitability of commerce and trade: PEW

The Pakistan Economy Watch (PEW) on Sunday said Rulers need to revisit principles of profitability of commerce and trade and hold individuals responsible for objectionable practices which have deprived these institutions of ability to produce jobs and contribute to enhance revenue collection.
Dr Murtaza Mughal, President PEW said government can change the fate of people of Pakistan by revitalising loss-making public sector enterprises.
All autonomous organisations are incurring heavy financial losses and facing serious financial crisis because of political interference, mismanagement, inefficiency, financial indiscipline and over-staffing, he said.
These state-run institutions have become a big burden on the national resources and privatisation process; it is admission of the fact by the government that it cannot bring them to profit, said Dr Murtaza. He added further that political will is needed to stop the drain these institutions have been causing to the national exchequer for decades.
Dr Murtaza Mughal said that all such institutions should be free from political meddling and top officials should be appointed on merit. Professionalism must surpass political inclination in all the appointments, he demanded.
These institutions should not be under the control of ministries where politicians and bureaucracy take decisions which are contrary to the supreme national interests.
Similarly, government should introduce a strong accountability system and take steps to ensure that people sitting on the Board of Directors (BoD) are known for dealing aboveboard with everything.
Currently, he said, BoDs include yes men who have no contribution except acting as rubber stamp that is criminal, he said.
Government can also consider giving seats to women in such BoDs who have low tendency to violate law for personal ambitions, said Dr Mughal.
Such steps will help revive public sector institutions and give relief to masses that are paying for the endeavours of politically connected people.
This will not only add substantially to the government's exchequer but will also bar government to sell national assets at throwaway prices, he said.