Economy suffers when interests of traders become central for authorities - Press Release issued by Pakistan Economy Watch.

Islamabad -- March 20, 2023 (PPI-OT)

Following is the text of press release issued by Pakistan Economy Watch (PEW)

Quote

The Pakistan Economy Watch (PEW) on Monday said the economy suffers if the interests of shopkeepers become more important for policymakers than the interests of the country. When the priority is to reward the property mafia and the broker mafia, investment in the industrial sector dwindles hitting production, exports, jobs, and revenue, it said. When the private power plants are the apple of the eye of policymakers, it is no wonder that the circular debt exceeds four thousand billion rupees, said Dr. Murtaza Mughal, President of PEW.

He said that the share of wholesale and retail businesses in the GDP is about 20 percent, but they are neither taxed nor the markets are closed in the evening because they are supporters of a political party. If this sector is taxed then billions of dollars can be saved and if their prices are controlled then the entire population of the country can get relief but this will never happen, he added.

Dr. Murtaza Mughal said that agriculture is a major sector of the economy but the agricultural income is not being taxed properly. He added that apart from the shopkeepers, the real estate mafia is also given special favours. This sector has been given free rein to loot the public and has been made so profitable that no one is willing to invest in the productive sector.

Due to unbelievable profits in the real-estate sector, industrialists are closing down...

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