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Business Recorder

Policy sans input from stakeholders

EDITORIAL: The industrial sector has been in a steady decline for nearly three decades, and a revival plan was always going to be essential, not optional. That the government has finally approved a 10-year industrial policy aimed at reversing this decline deserves recognition. With clear emphasis on revitalising sick units, supporting SMEs, cutting corporate tax rates, and amending outdated laws, the blueprint touches the right pressure points. The introduction of sub-committees to fast-track implementation adds a layer of seriousness that has often been missing from similar announcements in the past. But even a robust policy loses steam when key stakeholders are left on the sidelines. That's why the Pakistan Business Council's (PBC's) response raises an important question: how can a national industrial revival plan, meant to benefit the country's largest manufacturers, exclude their formal input from the outset, especially when the PBC itself has long advocated for such a policy, and has provided extensive research and strategic recommendations under its Make-in-Pakistan framework? According to the Council, the government not only failed to share the draft policy with it before approval, but also left it out of most of the sub-committees tasked with shaping and implementing this roadmap. Instead, those seats have largely gone to trader representatives, prompting concerns that the exercise might be tilted more toward short-term commercial interests than long-term industrial development. This disconnect is not a trivial oversight. PBC represents nearly 100 of the country's most influential local and multinational businesses, accounting for around 40 percent of exports and employing millions through formal value chains. Excluding this pool of expertise from deliberations weakens the very foundation of the policy it seeks to build. If industrial revival is the stated goal, surely those driving the bulk of industrial output must have a seat at the table? The government's sense of urgency is understandable. The industrial sector has been in contraction for far too long, and with exports struggling, stabilising the economy demands an immediate course correction. Haroon Akhtar Khan, the prime minister's special assistant on industries, is right to say the policy has the potential to usher in an industrial revolution. But revolutions don't happen by committee alone. Especially, not ones that bypass the most qualified partners. It's also worth scrutinising the sheer volume of committees created — eight for recommendations, ten for implementation, and presumably more to come for review and oversight. That sounds impressive on paper. But if the architecture becomes more about appearances than function, and if it fails to channel expert insight into actionable reform, then it risks turning into a well-intentioned exercise bogged down in inefficiency. And while the inclusion of progressive reforms — like better credit access for SMEs, early detection of industrial distress, and legal amendments to encourage investment — is promising, the long-term success of these measures will hinge on the quality of their execution. Which brings the focus right back to stakeholder inclusion. Without it, even the best-drafted policy becomes a top-down directive with limited buy-in. The PBC has not rejected the policy — far from it. It has welcomed its direction and supported many of its goals. Its disappointment lies not in the policy's ambition, but in its process. That makes it all the more critical for the government to now make amends. Revisiting the composition of the implementation committees and integrating PBC into the effort would not only signal openness to course correction but also strengthen the credibility of the policy itself. If this policy is to live up to its promise of an industrial revival, then it must be anchored in both expertise and execution. That means harnessing the institutions that have the capacity, data, and networks to turn vision into results; anything less, the country risks adding yet another document to the growing shelf of unrealised economic plans. Copyright Business Recorder, 2025