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A farmer spreads fertiliser in a rice paddy field on the outskirts of Lahore. — AFP/File
#Bridging #gaps #growth #governance
LAHORE: Pakistan faces important challenges in industrial and agricultural productivity, which are struggling to stay world -class. The key sector, such as textile, relies heavily on old technologies, lacks diversity, and suffering from defective. The increase in limited price further damages competition in international markets.
Investment in Pakistan is low, with the formation of a total fixed capital as a percentage of GDP, other developing countries are behind. Political instability, contradictory policies, and security concerns promote economic uncertainty. Although there are rules and regulations, enforcement is often uneven and worse due to corruption and incompetence. In some areas, the exceeding the limits and the undergulation in others creates a deterioration of the market, which discourages both domestic and foreign investment.
In order to enhance productivity, the country must establish a strong regulatory framework that promotes justice and stability by minimizing bureaucratic incompetence. Long -term investment policies are necessary to attract both local and foreign investors. Capacity -making measures in industries like textile, sports equipment and pharmaceuticals can help Pakistan make a niche in global markets. Mechaning the agricultural sector is essential to modernizing the production process and increasing production.
Although globalization presents challenges, it is an indispensable fact. Pakistan’s participation in global trade is limited due to heavy government intervention and weak institutional framework. Regulatory institutions such as the Securities and Exchange Commission of Pakistan (SECP) and the Competition Commission of Pakistan (CCP) often lack the power of sovereignty and implementation, which leads to defective and monopoly methods. Is
The country’s engagement with globalization has been uneven. Taking advantage of textile exports and remittances, Pakistan has struggled to develop global competitive industries. Smuggling, under -invoicing and informal trade along with unsafe borders damages the government’s jurisdiction and tax collection. Trade agreements also create challenges. Pakistan’s dependence on GSP+ status and priority agreements exposes risks in its economy. Weak domestic industries often struggle to compete in free markets.
To solve these issues, the country has to strengthen trade policies to smuggle and prevent illegal trade. The development of export -based industries out of textile, such as engineering equipment, IT and food processing, is very important to fully benefit globalization. Empowering regulatory institutions and minimizing political interference will also increase the rule of the market.
The economic policies here often prefer short -term stability over long -term structural reforms. Depending on traditional methods, such as the IMF prescriptions, are hindering modern solutions according to our unique challenges. Economic research has been reduced with a limited contribution to think tanks and universities. Donor -powered agendas often lose research priorities, and prevent indigenous problems.
Education and policy debates are rarely detected by alternative economic models or inter -formal methods, which will limit the solution to systemic issues such as inequality, informal and environmental degradation.
To remove these gulfs, Pakistan must promote educational independence and allocate funds for diverse economic research. Universities and research institutes should be corrected to encourage intellectual abundance and innovation. The platform of mutual cooperation between experts, policy makers and the private sector is essential to aligning economic thought with practical facts.
Pakistan’s challenges are important in production, governance, globalization and economic thought but valuable. With sensible, fair and forward -looking policies, the country can rapidly achieve sustainable growth, competitive markets and more flexibility in the economy globally.
