It has all to do with policies. Im a data analyst/engineer and have my own software firm. The govt policies are not adequate. For example, we hunted this awesome project from US, would have earned hundreds of thousands of dollars and would have provided many jobs but the US firm didn't get enough assurity from our govt and were reluctant to share data with a firm in Pakistan. The govt of pak and IT ministry treated us like we r not even Pakistanis. They were like, pese tum log kamaogay tu ham kya karein. These morons didnt see we r bringing in alot of dollars to the country and that it will produce jobs and countries support their private sector. They instead wanted bribes n didn't even bother helping. We tried but in the end the project slipped away and they ended up giving it to an indian firm. I recently heard that project is extended and enlarged and its now worth millions.
Pakistan govt is so pathetic that we r even having issues getting our own money that we earned from foreign clients. These pathetic brown duffers are actually destroying the country.
Hopefully Gwadar gets build as a SEZ and these incompetents can be put to shame. All their incompetence and letting projects slips through our fingers is the growth all our neighbors have been benefiting from. Our population growth alone should have caused rapid economic growth had we had a half way competent bureaucracy.
This is exactly why I advocate for neoliberalism. There are two solutions, the first one is that the government should let the private sector do everything and make sure that the market is completely free. The second one is that the government should only support export-oriented industries. Targets should be set for all these industries that are getting the government's support. For this, subsidies should only be given to export-oriented sectors. If any of these businesses fail to meet any of the targets set by the government then they should no longer be given any support, especially not the subsidies.
The government needs to cut consumption by the public sector, investing in the infrastructure so private companies will have the incentives to bring business to Pakistan, as well as human capital development (education, health care, etc.) even if their is corruption, if these basic elements are correct, the country will still thrive despite a few percent off the top.
The government should incentivize a private Pakistani company to acquire the most modern coal fired power plant technology and build thee plants in Pakistan. We need to become efficient locally, so we can lower the cost of living on the people. The world doesn’t care about compensating poor country for global warming. I suspect the developed countries will try to make it harder for developing countries to industrialize so will put roadblocks in the way of building new coal fired power plants. One of the cheapest ways to make electricity.
The core requirement has to be the plants MUST use ONLY local coal.
We should also have a plan to end the strangle hold these IPPs have on Pakistan. Renegotiate or buy out the IPPs. So we need a legal expert to go over these deals and find a way to get out them, up to an including a buyout. A buyout may not found feasible now, but it maybe the best long term solution, and finding a way to borrow to cut the loss maybe the best way to stop the bleeding.
We need a realistic
way to end all subsidies that allows the public to transition to living within their means without putting people in a position that they can’t afford to eat or send their kids to school.
BTW, this economics professor has a great lecture series on YouTube, on the economy, filmed in January 2020. During the IK and Pre-Covid, so it really lays out the structural problems that even weren’t being solved during the PTI government.
It’s probably the best snapshot to formulate a clear view of our problems, and a way to move forward. Btw, I like that this person is a self described Marxist. It gives him a different perspective and allows us another post from which to triangulate our solutions