The following recommendations focus on creating a sustainable, equitable, and resilient economic environment in Pakistan through tax reform, improved governance, strategic investments in human capital, and policies that foster ease of doing business and efficient resource management for the attention of the new government in 2024:
o Initiate comprehensive tax reforms at the provincial level, including the establishment of a provincial agricultural income tax and adjustments to property taxes, to generate significant revenue and promote a more equitable fiscal environment.
o Implement a new IMF programme to create room for measures that boost Small and Medium Enterprises (SMEs) and safeguard social development indicators. Political parties must understand the seriousness of the economic situation and make swift, well-informed decisions.
o Tackle the local mafia in agriculture and tailor specific strategies for each segment to optimise potential and contribute to socioeconomic development. Focus on increasing production while reducing costs, requiring political commitment for successful implementation.
o Enhance governance and decision-making processes to overcome challenges in political and bureaucratic governance. Meaningful change depends on substantial progress in these fundamental aspects.
o Establish a system that efficiently utilises resources with a focus on long-term conservation, ensuring sustainable and inclusive governance for community well-being and future generations.
o Prioritise investments in human capital and skill development initiatives to ensure sustainable economic growth. This strategic emphasis on nurturing expertise and talent is key to long-term economic resilience.
o Simplify documentation processes and adopt a progressive approach towards local enterprises. Ensure consistency in policies, integrating youth-led initiatives, political will in budgeting, and the implementation of e-Governance with vertically aligned data. Streamline progressive taxation and targeted subsidies through effective data alignment.
o Develop and implement a comprehensive population growth policy to address broader socioeconomic issues.