Although Pakistan is facing some catastrophic challenges at this point on multiple fronts, but economy is the issue number one. Money is the pivoting point for everything from strong defense, human development, foreign policy, etc. etc.
Imran Khan appointed Asad Umar as next Finance Minister, which is a decision widely welcomed by the nation. There is no doubt that Asad Umar is a hardworking patriot who will do everything possible to turn this boat away from the iceberg. But can we leave it all on one man who is not an economist and who's top experience is at Engro. Keep in mind that this is same Engro which is heavily involved in LNG terminals. One of the TV channel also reported other day that Asad Umar still has investments in this company.
Moreover, I have been listening to Asad Umar's interviews on national TV channels and I have some serious reservations about this guy. My conclusions tell me that he represents "big-business lobby". In the name of improving economy he wants to heavily incentivise big businessmen and hope that it will create employment and economic progress for poor people of Pakistan. I have serious doubts on this. Economic progress never trickles down from top to bottom. Instead, it is always bottom up. Even a good businessmen always choose to put money back in the consumers pockets, because he is well aware that only a well-off middle class consumer will help businesses grow.
Growing GDP at a higher rate is one thing. But what matters the most is which part of GDP growth actually ends up in the hands of poor & middle-class public. There are many countries who's GDP has grown at higher pace, but most of it ended up in the hands of big-businesses, rich and elites of those countries. Is the same about to happen in Pakistan also!
Secondly, Asad Umar again and again talks about pumping money in to real-estate sector. Real estate sector is the killer of small businesses. These small businesses creates more jobs compare to any big corporation. When real estate prices go up, then rent and cost of owning commercial places of businesses go up automatically.
Based on this and many other factors which I will share some other times, I believe that Imran Khan must create a COUNCIL OF ECONOMIC ADVISER withink PM office. It should consist top 10 Economists of Pakistan. These 10 should be son of the soil and should have no investment or linkeage to any foreign country. This council should be given mandate to research and monitor economy as a whole including functions of FM, FBR, State Bank etc. etc.
This council will be more like last line of economic defense of Pakistan. Just like ISI is last line of defense for Pakistan Army or Zarrar company which is last line of defense of SSG. Based on their research, they should have monthly and grand annual meeting with PM Imran Khan and share all classified research and information for necessary decision making.
Chairman of this council must be the PM himself who will also chair NSA meetings.
Imran Khan appointed Asad Umar as next Finance Minister, which is a decision widely welcomed by the nation. There is no doubt that Asad Umar is a hardworking patriot who will do everything possible to turn this boat away from the iceberg. But can we leave it all on one man who is not an economist and who's top experience is at Engro. Keep in mind that this is same Engro which is heavily involved in LNG terminals. One of the TV channel also reported other day that Asad Umar still has investments in this company.
Moreover, I have been listening to Asad Umar's interviews on national TV channels and I have some serious reservations about this guy. My conclusions tell me that he represents "big-business lobby". In the name of improving economy he wants to heavily incentivise big businessmen and hope that it will create employment and economic progress for poor people of Pakistan. I have serious doubts on this. Economic progress never trickles down from top to bottom. Instead, it is always bottom up. Even a good businessmen always choose to put money back in the consumers pockets, because he is well aware that only a well-off middle class consumer will help businesses grow.
Growing GDP at a higher rate is one thing. But what matters the most is which part of GDP growth actually ends up in the hands of poor & middle-class public. There are many countries who's GDP has grown at higher pace, but most of it ended up in the hands of big-businesses, rich and elites of those countries. Is the same about to happen in Pakistan also!
Secondly, Asad Umar again and again talks about pumping money in to real-estate sector. Real estate sector is the killer of small businesses. These small businesses creates more jobs compare to any big corporation. When real estate prices go up, then rent and cost of owning commercial places of businesses go up automatically.
Based on this and many other factors which I will share some other times, I believe that Imran Khan must create a COUNCIL OF ECONOMIC ADVISER withink PM office. It should consist top 10 Economists of Pakistan. These 10 should be son of the soil and should have no investment or linkeage to any foreign country. This council should be given mandate to research and monitor economy as a whole including functions of FM, FBR, State Bank etc. etc.
This council will be more like last line of economic defense of Pakistan. Just like ISI is last line of defense for Pakistan Army or Zarrar company which is last line of defense of SSG. Based on their research, they should have monthly and grand annual meeting with PM Imran Khan and share all classified research and information for necessary decision making.
Chairman of this council must be the PM himself who will also chair NSA meetings.
