Production and consumption led growth.

The Minister of State for Revenue, Hammad Azhar's article 'The Economy in 2019' is a brave attempt to justify many hard decisions of his government. Do his explanations of a consumption led growth, fiscal ill-discipline, domestic borrowing, exchange rate overvaluation, fiscal deficit and import export imbalance serve the ends of arresting the rot? This is an over simplification like bringing down the fever with analgesics while not investigating the root causes of the sickness.

This series of articles dissecting the entire fabric of economic manipulation is based on research. It will appraise inconsistencies that must be addressed. This is the only way forward else moths will continue to devour from within. Treating apparent symptoms without knowing the root causes will yield no results. This perception is exploited by the opposition, segments of media, desi liberals and ignorant for vested agendas. The people must know the truth.

Since Pakistan Tehreek-e-Insaf was created to check these wrongs that began to surface in 1996, it is imperative that the party look back at its founding motivations and form visions for futures. These were the wrongs party talked about till 2011. Like the game of cards, do not play the card that helps the opponent. Keep the trumps and control the game.

The explanation that 'growth was financed by short term debt instruments and stifling of investment climate' is partially correct. But the complete explanation runs much deeper into history. An objective appraisal will not only make governance smarter but also help identifying individuals and organisations, state and non-state actors that have brought Pakistan to this sorry state of affairs.

Converting local growth to consumerism is an economic science that does not happen in a single tenure. Therefore, a deeper dig at how the economy was manipulated is necessary. In case of Pakistan it began with Economic Reforms Act of 1992. This is when the dynamics were set.

Growth patterns of Pakistan's economy since 1992 indicate consistent low domestic growth whenever PMLN came to power. In each case, agriculture and small scale manufacturing sectors, the major contributor to GDP showed a sharp decline. Devaluation for export remained a common denominator without any positive results.

Whenever PPP came to power, there was an improvement in the agriculture. Unlike past tenures, PPPP government led by Asif Ali Zardari a beneficiary of NRO prepared the grounds for the next PMLN...

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