KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that many countries have achieved the goal of self-reliance in a few years, with less resources than Pakistan, because in these countries, distribution of resources and awarding of influential people in the name of reforms was stopped for the sake of national development. He said that economic crisis of the past had left the economy half-dead.

Mian Zahid Hussain said that people have been suffering from inflation, unemployment and economic crisis for many years. But now their patience is waning, therefore steps to improve should be started without delay.

He said that due to inflation and unemployment, millions of people have gone below the poverty line, lawlessness has become a problem and the problem of food security is becoming serious. There is growing public anxiety which calls for immediate action, he said, adding that benefits should not be given to some of the influential groups in the name of reforms like in the past, but decisions should be made on merit.

Mian Zahid Hussain said that taxes should be levied on sectors that do not pay taxes, government should get rid of failed companies, improve the system of subsidies and refunds, increase exports and decrease imports, and forgive existing taxpayers.

He observed that new departments are being created with a rapid pace, which is a joke with the country’s resources and the poor people.

He noted that there are dozens of departments that have no work, while many different departments have been given the same responsibilities, which is like playing with the country’s resources, so central and provincial governments should reduce their size.

Mian Zahid Hussain said that if this situation continued instead of real reforms, the country will become bankrupt, value of the rupee will fall further, inflation will hit the country, banking system will collapse, demand for dollars will be increased and the share of undocumented economy will increase.

Copyright Business Recorder, 2023