On Thursday, former President of the Islamabad Chamber of Commerce and Industry (ICCI) Dr Shahid Rasheed Butt said Pakistan had become a heaven for the property sector investors. The present policies are transforming the country into a graveyard for industries; therefore, capital should be directed towards the industrial sector in the upcoming budget, he said. Shahid Rasheed Butt said in a statement issued here today that Pakistan can never progress unless the investors continue to prefer non-productive sectors over productive sectors.
He said continued patronage of the property sector will gradually shrink the industrial industry and bankrupt the country. He added that profits in the non-productive sectors should be reduced to save industries from closure.
The business leader said that Pakistan is at the forefront in spending more of its income among all the countries in the region, that’s why its economy is in the worst condition, and the whole world is sure that it will soon go bankrupt.
Only a few decades ago, the economy of Pakistan was better than all the countries in the region. Still, now the situation has become the opposite, and he added that no government or institution is ready to give credit to a sinking country.
He said that Pakistan would have to increase its competitiveness to compete in the international market by increasing industrial efficiency, bringing in foreign investment and technology, and modernising the financial sector.
Government should sell failed state-owned enterprises or make them profitable, ensure upgradation in the public and private sectors and address the core problems.
Shahid Rasheed Butt said that global economic conditions are changing rapidly, and the use of technology is also increasing, but we are far behind in this sector.
India started deregulation after Pakistan, but the goal of their policymakers was the national interest, while our policymakers were engaged in the pursuit of personal interests which resulted in harm instead of benefit.
He said that the people are dying of hunger, the risk of default is looming, and the funds approved for development schemes are being cut, but the parliamentarians are being given Rs111 billion in the name of development schemes which is surprising.