Economy of Pakistan | Corruption | Energy Crisis | Agriculture & Industry | Unemployment | Terrorism | Education| Political Stability
Peace and prosperity of a nation is
based on the economic conditions. Economic condition of a country can be
measured by its “GDP” (Gross Domestic Product) and Per Capita Income. GDP is
comprised of total production of goods and services within a country in a given
year. Agriculture, Industry and Service Sector collectively take part in the
growth of GDP of a country.
Statistically
speaking, the GDP of 2015-16 of Pakistan is $285 billion and GDP growth rate is
4.71% which is relatively higher than that of previous years. Per Capita Income
also increased this year and reached at $1550 from $1273. These stats show very
steady growth in the economy of Pakistan. However, there are some other factors
too which affects economic growth, given as follows:
(i)
Corruption.
(ii)
Energy Crisis.
(iii)
Agriculture.
(iv)
Industry.
(v)
Unemployment.
(vi) Terrorism.
(vii)
Education/ Illiteracy.
(viii)
Political Stability.
(1) Corruption:
One
of the biggest reasons of economic failure of Pakistan is corruption. The first
and foremost important source of revenue generation of Pakistan is tax
collection. Corruption starts from this stage when rich, capitalists,
industrialists, Landlords and Political personalities get involve in Tax
Evasion. Tax Evasion is a legal term refers to the illegal non-payment or under
payment of tax.
Federal Board of
Revenue (FBR):
Federal Board of
Revenue is government department authorized to collect tax money from public
for revenue generation. Because of tax evasion a big portion of revenue remains
uncollected. So the financial budget of Pakistan always shows a deficit net
off, since all what it collects is the tax from middle and lower class which
are bound to pay the tax at source. Nonetheless, this limited budget is then
distributed/allocated to meet the expenditures.
Expenditures:
(i) Defense.
(ii) Debt Service.
(iii) Administration.
(iv) Public Sector Development Projects (PSDP).
About 25% of the budget is allocated to
Defense which is utmost important for the sovereignty and security of Pakistan.
Then the interest is paid on the borrowed money/loan from IMF or World Bank.
Rest of the money is then allocated for the administration to operate the
government institutions/departs. The allocation of the budget again involves
corruption when the given budget is not properly utilized according to
requirement, and Ministers and Secretaries of the departments put the money
into their banks or utilize on their personal interests rather than
necessities.
NAB and
Anti-Corruption:
National Accountability Bureau and
Anti-Corruption departments were established with the aim to control the
corruption and make the corrupt people accountable before law. Howsoever,
unfortunately both of the departments are full of corruption on their own. This is
because of political influence and appointments. These departments don’t take
action against elite class, capitalists and influential personalities because of
their political links. They make bribed settlements to close the corruption
cases. Other reason of such corruption than political influence is lower salary
packages offered to officers. Low income and rapidly increasing inflation compel
them to opt other ways to earn money for a better lifestyle.
Criminal Justice
System:
The criminal justice system is
comprised of Police and judiciary/courts. This system of Pakistan is not only inefficient
but also corrupt. The criminals and offender are often released from Police station
against nominal enticement. Even there are number of cases available in record
where the murderers were released and given clean-chit by the courts just
because they paid the authorities for this mercy. No justice is served to the
poor and ordinary civilian of the nation.
Reforms:
(i) Make
NAB and Anti-Corruption efficient, implement strict accountability.
(ii) Certainty
of Punishment from Police and Judiciary.
(iii) Rule
and Law must be for everyone equally.
(iv) Salaries
of such officers must be increased.
(v) Make
the administration available/accessible to the masses.
(vi) Make
the environment corruption-free.
(vii)The education and awareness campaigns must be
initiated in schools/colleges/universities regarding corruption.
(ii) Energy Crisis [click here]
(ii) Energy Crisis [click here]
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