Allah Nawaz Khan
Pakistan’s economy holds special importance for agriculture, industry, and trade.Agriculture produces raw materials and fulfills food requirements.These raw materials are converted into usable products through industries.The goods manufactured by industries are then sold in domestic and international markets through trade, earning valuable foreign exchange.Agriculture has a particularly significant share in Pakistan’s economy.Its contribution to GDP ranges from 18.5% to 23%. Regrettably, all three sectors are continuously being neglected, which is making Pakistan’s economy progressively weaker. If this situation continues, Pakistan will soon find itself in an extremely dangerous position in the coming years.
Developed countries formulate policies that strengthen their economies, whereas in Pakistan, the policies being made are weakening the economy.The biggest problem is political instability.Political interference has always caused immense damage to Pakistan’s economy.Immediate steps are needed to strengthen the economy. Pakistan is currently passing through extremely difficult times, and it is essential to overcome these challenges.If seriousness is not shown, the problems will take a very serious turn.
In Pakistan, the agriculture sector is heading towards decline. Farmers spend heavily to grow crops but still incur losses. The reason is that from cultivation and harvesting to selling the produce, a huge amount of capital is spent, yet the prices received are very low. The cost of seeds, fertilizers, pesticides, and other inputs is extremely high. The issue of water has also become very serious. Except for a few areas, most farmers are forced to buy water at very expensive rates to irrigate their lands. Agricultural machinery is also extremely costly. There are many other problems due to which the agriculture sector is declining.
If immediate attention is not paid to agriculture, Pakistan will soon have to import essential food items from abroad. A large area of Pakistan’s land remains uncultivated, and it is necessary to bring this land under cultivation immediately. Agriculture does not only fulfill food needs but also provides many other benefits. Cotton is used to produce cloth in industries. The textile industry provides employment to a large number of people, and this cloth can be exported to earn foreign exchange. By growing cotton or any other crop, farmers can increase their income. Sugarcane is used to produce sugar in industries. Sugar is consumed worldwide in large quantities. A huge number of people in Pakistan are associated with the sugar industry. Therefore, if greater attention is given to the agriculture sector, Pakistan’s economy can rise rapidly.
The trade sector is also facing many problems. Through trade, industrial products are sold both inside and outside the country. Industries themselves are confronted with various issues. Rising prices of electricity and gas are severely damaging industries. Electricity can be generated from cheap fuel sources and supplied to industries. Cheap electricity can also be provided for domestic use if it is produced from affordable energy sources.
Investment is necessary for trade. If a conducive environment for investment is not available, no one will be willing to invest. The prevailing uncertainty has troubled investors. Pakistani authorities should give special attention to promoting foreign investment.
Agriculture, industry, and trade take any country to new heights. In Pakistan, all three sectors are waiting for attention, but the government’s focus on them is almost negligible. Pakistan’s economy is being run on foreign loans, which is causing immense damage. Special funding is required for agriculture. The government does provide subsidies, but their benefit is limited. For example, the Kisan Card benefits only those who own large landholdings. Sharecroppers (haris) and those who take land on lease cannot benefit from it. Small farmers with limited land are also deprived of many subsidies.
There is an urgent need to reduce the prices of fertilizers and electricity. Special packages should also be approved for industries. Due to political interference, these subsidies do not reach the deserving people. Therefore, a system should be created that ensures every deserving person receives their rightful share. Some industrial owners also engage in corruption. They do not give workers their due rights and sell their products at high prices. The government should make arrangements to curb corruption and protect workers’ rights.
Urgent measures are also needed for trade. Sometimes Pakistani products are not sold in foreign markets because they are expensive compared to products from other countries. Who would prefer to buy expensive products over cheaper ones? There is also an issue of quality. Therefore, a proper monitoring system should be established in industries to ensure the production of high-quality goods.
Pakistan’s economy is becoming much weaker compared to the past. The scarcity of raw materials is also worrying. By improving agriculture, a large supply of raw materials can be ensured. The agriculture sector can be improved by using modern machinery and technology. Easy loans should be provided to small farmers. The supply of quality seeds should also be ensured.
For industrial development, the establishment of new industries should be encouraged. Technical education and skilled manpower should be developed. Industrialists should be given access to new markets. Incentives should be provided for exports. Clear and transparent legislation is also needed for trade. If traders are given tax relief, they will take Pakistani products to international markets. Online trade should also be promoted because e-commerce will gain special importance in the future.
If Pakistan strengthens the sectors of agriculture, industry, and trade, it will no longer remain a country that takes loans but will become a country that gives loans. With sincerity and dedication, Pakistan can easily free itself from the IMF and other lenders by improving these three sectors.
allahnawazk012@gmail.com
