Allah Nawaz Khan
Inflation in Pakistan is rising to alarming levels. There has been a sharp increase in inflation compared to the past. It is true that global conditions have contributed to the rise in inflation in Pakistan, but there are also several local reasons.
The Iran-US conflict has also caused an increase in oil prices, which has led to higher prices in Pakistan as well. In any case, oil prices were already high; now they have been raised further. There is still a strong possibility of more inflation in the coming days.
The Ministry of Finance has released its monthly Economic Outlook report, according to which inflation for the current month is expected to remain between 7.5% and 8.5%. It is possible that inflation may rise even higher.
In Pakistan, prices of goods are often artificially inflated under the pretext of inflation, and higher amounts are charged from consumers. According to one report, remittances during the first eight months of the fiscal year have increased by 10.5%.
It should be noted that inflation in Pakistan was already very high. Due to the government’s flawed policies, inflation has been rising continuously, and the common Pakistani citizen has been severely affected. The recent unusual increase in oil prices is now forcing the public to cry out in distress.
Not only have oil prices been increased, but prices of electricity, LPG, and almost everything else have also been raised.
The rate of taxes in Pakistan has also been increased significantly. The burden of these taxes is making the life of the common man extremely difficult. The continuously depreciating value of the rupee is also fueling inflation. In addition, gold has also become more expensive, which has further contributed to the rise in inflation.
Both internal and external debts are severely weakening Pakistan’s economy. Because of taking loans and fulfilling the conditions of the IMF, inflation increases tremendously.
Electricity prices could be control if cheaper fuel is used for power generation. Instead of cheap fuel, expensive fuel is being used, causing prices to rise. However, by using alternative sources of fuel, electricity prices can be controlled.
Sometimes the government provides subsidies, but the benefit to the public is minimal. There are many sectors that require immediate attention. For example, the textile industry has fallen into a severe crisis. Many textile industries have shut down because they were suffering heavy losses.Due to the closure of industries, countless people have become unemployed. It is important to mention that only the textile industry was keeping Pakistan’s economy strong. Not only the textile industries, but other sectors are also declining. Agriculture is also facing the threat of destruction.
Inflation is also causing damage to education. Due to rising inflation, many families are unable to send their children to school. Inflation has made getting an education extremely difficult for millions of people. Children who should be going to school are now roaming in streets and parks.These children wandering in parks and streets are the future of Pakistan, yet Pakistan’s future is being ignored. Higher education has also been made extremely expensive, making it almost impossible to pursue. One reason for the declining interest in education is that millions of people believe that even after getting an education, they will not get a job—so why getting educated?Government jobs are being eliminated, which has made it even harder to bear the burden of inflation. A program was launched under the name of “Educational Emergency,” but now there is no trace of it left.It is essential that the education system in Pakistan be restarted and improved on an emergency basis. Those who think education should only be acquired to get a job can be told that education should be pursued to gain awareness and consciousness, not just for employment. Education is very important because its benefits are immense.
Inflation in Pakistan can be reduced if sincere and honest efforts are made. The biggest problem is that policies mostly benefit the elite class rather than the common man. If the privileges of the elite class are reduced, this policy can be considered a serious effort to control inflation.
Taxes will also need to be reduced, and an independent foreign policy can also help lower inflation. Foreign investment can further contribute to reducing inflation.The situation has now reached a point where the public cannot even afford medical treatment. By increasing the prices of medicines day by day, the helpless public is being buried alive.Inflation has completely crushed the people.
Immediate steps must be taken to control inflation; otherwise, it may become too late. Electricity prices should also be reduced immediately because it is a major source of energy. More employment opportunities should be created.
Pakistan’s mineral resources should also be utilized; this will increase prosperity in the country.If prosperity increases, even if inflation does not decrease, at least the impact of inflation on the Pakistani public will be reduced.
allahnawazk012@gmail.com
