Published Date: May 22, 2017
SDPI Press Release (May 22,2017)
Senator Osman Saifullah Terms PML (N) Government Policies Responsible for Low Economic Growth
The low economic growth resulted by the ill-conceived economic policies of the PML (N) government have led to unprecedented unemployment in the country. The increasing income inequality and concentration of wealth have been other major issues that demand immediate corrective measures. Likewise, huge disparities in development between the regions of Pakistan should also be matter of a grave concern for the current regime. These views were expressed by Senator Osman Saifullah while presenting the outlines of ‘Shadow budget for the financial year 2017-18’ on behalf of Pakistan People’s Party Parliamentarians (PPPP) at Sustainable Development Policy Institute (SDPI) here on Monday.
Senator Osman Saifullah lamented that the industrial manufacturing sector was destroyed by the wrong policies of the government whereas agriculture in the country had also seen a decline. Likewise, he said, the worsening trade competitiveness, declining exports and alarmingly growing trade deficit needed immediate corrective measures.
He said that the country was facing a broken tax system and hence, the government has been failed to finance its obligations to citizens. The country was also observing private sector being broken down as a job creation engine whereas a lack of trust in government was resulting as poor tax culture. The poor human capital, Illiteracy and poor human capital as well as deteriorated education system remained major setbacks for our national development.
The PPPP Senator said that the regulatory and bureaucratic environment was actually proving as an impediment for the growth private enterprise. The participation of women in the non agricultural economy has not been increased whereas the government was busy in spending on unproductive activities.
He said that due to economic shocks and inflation, PPPP would create and strengthen safety net for the poor and vulnerable and will ensure equality of opportunity for all. He added further that the private sector should be promoted as the agent of growth. Likewise, steps were required to improve the profitability of players in formal economy by cracking down on those operating in the black economy and under cutting documented economy players.
Senator Osman Saifullah termed it quite ironic that only 7% of borrowers were availing 93% of loans. He said that the culture of examinations must be ended and voucher schemes should be introduced to enable people from low income groups to ensure quality education for their children.
He said that our government, if coming in power, would introduce a health insurance scheme in the Federal Capital and then in the provinces. We will focus on countrywide re-training, skill development and education scheme to upgrade skills of those unemployed for 2 years or longer.
The PPPP government, he said, will promote home ownership through provision of mortgage finance for home building, so as to give all citizens a stake in this country. We will introduce technology – seed, mechanization, to improve yields and information technology (IT) to remove information asymmetries and would offer incentives for investment in agricultural value added industrial projects. Moreover, our government will reform of the loss-making state owned enterprises, he concluded.