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Business Recorder
6 days ago
- Business
- Business Recorder
Beyond flags and fireworks: unfinished task of economic independence
As Pakistan marks its 78th Independence Day, we are called to celebrate not only the birth of a sovereign state but also to reflect, honestly and urgently, on the unfinished business of our independence: economic freedom. For while flags will fly and anthems will rise this August 14th, the sobering reality remains that true independence continues to elude us — not for want of patriotism or potential, but for lack of economic self-reliance, policy clarity, and structural reform. Today, the average Pakistani citizen is burdened under the weight of rising costs, stunted wages, and dwindling opportunities. Our economy continues to rely heavily on external debt, concessional aid, and remittance-fuelled consumption. The vision of an independent, self-sustaining Pakistan — one that was so passionately articulated by Quaid-e-Azam — remains hostage to our inability to transform political will into bold economic choices. Nowhere is our economic entrapment more obvious than in our energy sector. Pakistan has among the highest electricity tariffs in the region — averaging around PKR 50 per unit for residential consumers as of mid-2025 — largely due to capacity payments, inefficiencies in transmission, and the perennial monster of circular debt, which has ballooned to nearly PKR 2.4 trillion. In the petroleum sector too, a distorted pricing mechanism, excessive taxes, systemic leakages and reliance on expensive imported fuel have distorted both consumption and investment decisions. Our taxation regime is similarly punitive and misaligned. Over 60 percent of tax revenue is collected through indirect means, disproportionately impacting the lower and middle classes, while leaving large segments of the elite sectors under-taxed. Agriculture, real estate, and wholesale and retail trade — which together contribute over 35 percent of GDP — continue to largely operate outside the documented economy. It is no surprise then that both local entrepreneurs and foreign investors remain wary of committing capital in a system so burdened by policy uncertainty and inequity. Amidst this stagnation, however, ordinary Pakistanis — both households and businesses — are quietly taking matters into their own hands. Solar panel imports surged to over USD 1.4 billion in FY24 alone, a clear signal that grid defection is no longer a future risk but a present-day reality. Entire housing societies are moving off-grid, factories are turning to hybrid solar-wind setups, and a quiet revolution in distributed energy is already underway. Yet policy continues to lag. We persist in funnelling scarce public resources into subsidizing a broken grid instead of embracing deregulation. Our energy strategies remain locked in supply-side interventions — more power plants, messed up LNG — while the real opportunity lies in enabling open access, competitive retail supply, and genuine consumer choice. Without a massive deregulation drive, we risk ending up with stranded assets and an obsolete grid infrastructure, all while consumers increasingly opt out of the system altogether. The establishment of the Special Investment Facilitation Council (SIFC) has created a unique opportunity — perhaps the most credible institutional innovation in decades — to drive cross-sectoral economic reform through a whole-of-the-government approach. It has brought together civilian ministries, provincial governments, and the military in an unprecedented framework aimed at facilitating investment and cutting through bureaucratic red tape. But institutions, no matter how robust, are only as effective as the political choices that back them. If there was ever a moment to take politically difficult yet economically necessary decisions — whether in power pricing, SOE divestiture, or tax reform — it is now. We must act while there is alignment at the top and a rare confluence of national interest and political pragmatism. As global supply chains diversify and capital seeks new destinations offering both stability and return, Pakistan cannot afford to hesitate. Geopolitically, the tide may finally be turning in our favour. The evolving contours of US trade policy — particularly in a potential post-Trump tariff recalibration — present Pakistan with an opening to expand its exports. With India's trade relationship with the US occasionally strained, and Bangladesh approaching graduation from the Generalized System of Preferences (GSP), Pakistan's textile sector in particular could gain significant ground if supported by a coherent government-to-government and B2B engagement strategy. Pakistan's textile exports to the US crossed USD 5.1 billion in FY24 — a respectable figure, yet still far below our potential. For the fiscal year ending June 2025, exports to the US further rose to around USD 6.03 billion — a 10.7 percent year-on-year increase. If we harmonize the energies of private exporters and government facilitators — particularly by improving compliance with ESG standards, traceability, and labour practices — we could aspire to double this figure over the medium term. Likewise, our IT and Business Process Outsourcing (BPO) sectors, growing at 15 percent annually, need strategic policy support to capture the expanding demand for nearshore digital services in North America. The real challenge, as always, lies in execution. We know what needs to be done: broaden the tax base, deregulate energy, divest loss-making SOEs, digitize governance, and bet on competitive sectors. What we lack is not diagnosis but daring — the courage to prioritize long-term gain over short-term optics, to build national consensus beyond partisanship, and to tell the people the truth: that there is no prosperity without reform, no dignity without documentation, and no independence without economic resilience. We cannot afford to waste another decade in denial. Pakistan's median age is 20.6 years. This generation is connected, conscious, and impatient. They will not be pacified with slogans. They want results — in employment, in energy bills, in upward mobility. If we fail to deliver, we risk a deeper crisis of confidence in the state and its institutions. But if we succeed — if we seize this moment, reform boldly, and act together — we can finally earn the economic independence we have been chasing since 1947. We can become not just a nuclear power, but a functional economy. Not just a strategic location, but a strategic supplier. Not just a state with borders, but a state with purpose. On this Independence Day, let us not merely commemorate our freedom — let us commit to completing it. Copyright Business Recorder, 2025
Business Recorder
02-08-2025
- Business
- Business Recorder
CM opens ‘My Karachi' exhibition: ‘Nation celebrates Independence Day with focus on Battle of Rights'
KARACHI: Sindh Chief Minister Syed Murad Ali Shah stated that this year, the nation celebrates Independence Day with a focus on the 'Marqa-e-Haq' (Battle of Rights), recalling the significant events of May when India attempted a conspiracy, to which Pakistan responded strongly. Shah highlighted the unity shown by the people when the country is under threat, saying, 'We stood united for the protection of Pakistan and achieved success.' He made this statement while addressing the 'My Karachi – Oasis of Harmony Exhibition 2025,' organised by the KCCI at the Expo Centre. The programme was attended by Minister of Local Government Saeed Ghani, Minister of Industries Jam Ikramullah Dharejo, KCCI President Javed Balwani, members of KCCI, and leading industrialists and members of civil society in large numbers. The chief minister said, 'The celebrations for Independence Day' in the province commenced on August 01. Murad Ali Shah reflected on Pakistan's journey since its establishment through the peaceful efforts of Quaid-e-Azam Muhammad Ali Jinnah in 1947 and the subsequent division of the country in 1971. The CM praised the leadership of Shaheed Zulfikar Ali Bhutto during difficult times, who endowed Pakistan with nuclear capabilities, followed by Shaheed Benazir Bhutto, who advanced missile technology for the empowerment of the armed forces. In a celebratory gesture, the chief minister cut a cake symbolising victory against India, marking the theme of this year's Independence Day celebrations. The 'My Karachi' event has become a signature celebration for the city, with participation from various countries, showcasing Karachi's potential. Shah congratulated the Karachi Chamber for successfully organising the event, highlighting its initiation in 2004 when the city faced significant challenges. The Chief Minister noted improvements in Karachi's security situation, stating that while some street crimes still occur, the overall conditions have improved compared to previous years. He mentioned the World Bank's gap analysis conducted in 2015, which highlighted the need for Rs3 trillion for a better standard of living in Karachi. Shah discussed various projects, including the Karachi Neighbourhood Improvement Project and the Competitive and Liveable City of Karachi (CLICK) project, aimed at enhancing the city's infrastructure. He highlighted the establishment of the Waste Management Authority to improve cleanliness and the introduction of electric buses by the Sindh government. Murad Shah also addressed ongoing water issues, emphasising the need for the swift completion of the K-IV water supply project, which is critical for Karachi's water supply. The chief minister assured that efforts are being made to bring additional water resources to the city and expressed gratitude for the support from the federal government. In a strong statement of unity, the chief minister reiterated that all parties will celebrate Independence Day together, transcending political differences. He concluded by extending heartfelt congratulations to the people of Pakistan on Independence Day, affirming the government's commitment to Karachi and its citizens. Copyright Business Recorder, 2025
Hans India
20-07-2025
- Politics
- Hans India
From ‘Bengal in danger' to ‘Bengalis in danger', Mamata Banerjee's new narrative before 2026 polls
Kolkata: West Bengal Chief Minister Mamata Banerjee seems to have changed her political narrative ahead of the Trinamool Congress' annual Martyrs' Day rally on Monday, the last before the crucial Assembly election in 2026, from 'Bengal in Danger' to 'Bengalis in Danger'. Historians often identify Quaid-e-Azam a.k.a. Muhammad Ali Jinnah, as the master of crafting the right political narrative for the time and circumstances. His changed political narrative from 'Muslims in Danger' to 'Islam is Danger' is perceived to have played an important role in achieving his larger goal of a separate nation of Pakistan. Not in that larger political perspective, like that of Jinnah, but Mamata Banerjee's narrative is definitely changing, becoming narrower and concentrated. Until the last Martyrs' Day rally on July 21, 2024, her focused campaign was on how the BJP and the Union government had been attempting to destabilise the socio-economic structure of 'Bengal' by freezing central funds under various Centrally sponsored projects. Till last year, her line against the BJP was also focused on how the Union government was trying to project 'Bengal' in a bad light by unleashing Central agencies on any issue in the state. So, in a nutshell, till last year, Mamata Banerjee's victim card was 'Bengal' as a state. However, with the successful and statistics-backed counter-campaign by the BJP justifying the freezing of Central funds because of rampant corruption in the implementation of Centrally-sponsored projects in West Bengal, her victim card of 'Bengal' as a state has lost much of its punch with time. Before the last Martyrs' Day rally ahead of the state Assembly elections next year, Mamata Banerjee has floated her new political narrative, which is 'Bengalis in Danger', where she is exploring multiple angles to establish her changed political narrative. In her new perspective, not 'Bengal' but 'Bengalis' is the new victim card. The first angle is alleging harassment of Bengali-speaking people after being branded as illegal Bangladeshi infiltrators in BJP-ruled states, where her focus targets are the state governments of Assam and Odisha. The second angle is branding the proposed special intensive review by the Election Commission of India (ECI) as a ploy to slap NRC in West Bengal, as well as to delete several Bengali-speaking voters not only in Bengal but also elsewhere. The third angle accuses the BJP and the Union government of interfering in the food habits of Bengalis. A recent advisory issued by the Union health ministry asking for the display of boards at various workplaces to raise awareness on the ill-effects of consumption of hidden fats and excess sugar in various food items is being used by her to spread the anti-BJP campaign on food habits. Political observers feel that the underlying aim behind this changed political narrative of Mamata Banerjee is to create threat-perception among the voters of West Bengal that with the BJP in power in the state, 'Bengali culture, Bengali food-habits and Bengali lifestyle will be in danger'. However, her underlying aim behind floating this new political narrative seems to have been rightly identified by Prime Minister Narendra Modi. While addressing a political rally at the industrial township of Durgapur in West Burdwan on July 18, the Prime Minister accused the West Bengal government and the ruling dispensation of making the lives of original Bengalis of West Bengal miserable by encouraging illegal infiltration from neighbouring Bangladesh. The Prime Minister said that while Bengalis are being treated with respect in the BJP-ruled states, in their own state of West Bengal, they are suffering because of the patronage that the illegal infiltrators have been receiving from the ruling dispensation and the state administration. 'The illegal infiltrators are being provided with fake Indian identity documents in West Bengal. The entire ecosystem has been developed in West Bengal to encourage illegal infiltration. These illegal infiltrators are threats to national security. They are threats to Bengali culture. Trinamool Congress had put the honour of the state at stake just because of narrow political motives,' the Prime Minister said. Now, it is to be seen how Mamata Banerjee replies to this allegation from the Prime Minister in her address at the Martyrs' Day rally on Monday.
Time of India
24-05-2025
- Politics
- Time of India
Upcoming misadventure by Pakistan
Born in Meerut, India and after finishing early education, opted out of IIT, Kanpur to join NDA, Khadakwasla, Pune. Commissioned as an officer in the Indian Army in December 1975 at Kargil and has combat experience of the IPKF in Sri Lanka and the Kargil War. Trained armed forces officers in NDA, Army War College and Kashmir Valley. Commanded an Infantry Battalion. Post retirement, served with the Government of India in several capacities including e-Governance Division in MeitY as well as in National Security Council Secretariat (PMO) till a couple of years back and was instrumental in policy analysis, public-private -partnership for Cyber Security and other related fields such as crypto-currencies, AI etc. A Published author of several books such as 'The Fourth Estate as a Force Multiplier for the Indian Army', 'The Kargil Victory: Battles from Peak to Peak' and 'Kargil Heroes' and authored a large number of articles in various magazines. Areas of interest: Defence Strategy and Military History, Geopolitical and Strategic Developments and Science and Technology'. LESS ... MORE Appointment of General Asim Munir, the Pakistan Army Chief, as the second Field Marshal of Pakistan Army, is surprising not because he did not step down as Army Chief or flee from the country as a defeated General but because he did not declare a coup in Pakistan – as the history in Pakistan suggests. Stepping down would have meant conceding a defeat. To convince their masses about blatant lies on the latest conflict, he rather chose to upgrade himself as a Field Marshal for the time being but it may not be a surprise, as again a situation is developing towards an ambitious General becoming the President of Pakistan soon. People in Pakistan are mocking him; is he trying to replace Quaid-e-Azam next? Then there is discontent within Pakistan Army; next-in-line Generals have their axe to grind too. How long the Field Marshal will survive is a moot question? Despite pyrrhic victory, India has not lowered her guard and has declared a 'new normal' that if there is any terror attack, it will be considered an act of war and Operation Sindoor is not over yet. What might be the next misadventure by Pakistan as it is believed that Pakistan is not going to sit idle and do nothing. It is waiting to recover and recoup and strike again sooner or later. One of the important factors that Pakistan might consider in a riposte is the Indus Water Treaty held in abeyance. Could they do something against the dams created across the rivers? A madman's logic might permit it; since no water is flowing towards Pakistan, why not damage select areas which are trying to divert and feed the water towards Indian farmers? Even if the damage to the dams might flood Pakistan initially, in the long run, they would have water for their farmers as the dams would take time to rebuild and international pressure would kick in. Keeping the IMF loan in mind, international reaction and above all the Indian response in mind, it is apparent that Pakistan may not venture into another terrorist attack in the immediate future in the most vulnerable and obvious places. For example, the upcoming Amarnath Yatra is the most anticipated event to be attacked, but it may not face it (it doesn't warrant any complacency though). There are two reasons, one that it will be heavily guarded and secondly, but most importantly, it does not present any surprise. We may recall that there were no attacks in Prayagraj during Maha Kumbh where both these two factors were present. If we really look at the pattern of attacks by the cross-border terrorists, it has always been at a place where the attack is the least expected; Baisaran meadow in Pahalgam, Pulwama and Uri are the examples. Pakistan will activate its sleeper cells deep inside India and try and create mayhem and blame on home grown rebels. A greater vigil is needed. What would an aspiring Field Marshal want to do to become the next President? A spectacular show against India! The Indian Armed Forces have demonstrated their superiority and technological edge and caused considerable damage to their military infrastructure and important airbases that would require Pakistan time to catch up. Pakistan's supporters – China, Turkey, Azerbaijan or some other countries are likely to come to her assistance again, even though they might also hesitate seeing Pakistan's incompetent handling of their equipment and poor professionalism. Pakistan might want to take a chance to launch a conventional attack considering the punishment to terror attack or grabbing a strategic piece of ground is same. It knows it can't face the Indian Armed Forces alone; China will need to open a second front. Imposing a two-front war for India is not an easy option but it is still a choice that could be made. Timings of the next misadventure by Pakistan can't be predicted. Depending upon how fast the situation in Pakistan develops and soonest an opportunity is available, Field Marshal Munir will not hesitate to take a revenge India needs to be fully prepared for any misadventure by Pakistan again. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Express Tribune
04-05-2025
- Politics
- Express Tribune
The cost of war
Listen to article The generation that saw the horrors of the 1947 partition is fast getting extinct. Only a handful of such people on both sides of the border are alive today. The irony is that those who witnessed the madness and the ones who were directly a part of it expressed regret and remorse. They wished to erase that painful chapter from their memories. Only those who have witnessed war know the price of peace. In World War II, between 70 and 85 million people died. The rivalry between Germany and France was far more poisonous than the relationship between Pakistan and India. It taught Europeans a cruel lesson that the price of perpetual hostilities is too high. They made a conscious decision to safeguard their future and their future generations. This led Europe to rise again, and today the region is known as an economic giant. This transformation in Europe would not have been possible had they not learnt from the horrors of the War. Pakistan and India have shared a chequered history — one that their forefathers had not intended. Quaid-e-Azam envisioned a separate homeland for Muslims, but he also hoped for a relationship between the two nations akin to that of the United States and Canada. One indication of that was that only a few years before the partition, Quaid-e-Azam had built a house in Mumbai. Perhaps he thought once the two independent states were established, he would shuttle between Pakistan and India frequently. Despite the bitter partition, leaders of that generation still had great respect for each other. When Gandhi was assassinated, there was a three-day mourning in Pakistan. Similarly, the Indian Parliament paid a glowing homage to Jinnah on his death. Subsequently, despite wars and other periods of hostilities, the two countries maintained decency in their conduct when dealing with each other. Former Indian Prime Minister Atal Bihari Vajpayee famously iterated that friends and enemies can be changed, but not neighbours. It was because of this reason that he undertook a historic visit to Lahore in 1999, after both sides conducted nuclear tests. Perhaps that was one of the few rare occasions when there was genuine hope for a new beginning between two estranged neighbours. What happened to that peace process requires a different discussion. But the point here is that, today, the relationship between Pakistan and India has reached a dangerous point. The April 22 attack in Pahalgam, IIJOK triggered yet another military standoff. The threat of potential Indian kinetic operation looms large while Pakistan is ready to hit back hard. But India took several other measures that suggest the perpetual hostilities with Pakistan. Some agreements, including the 1960 Indus Waters Treaty and the 1972 Shimla Agreement, have withstood wars and recurring cycles of violence. India has decided to suspend the Indus Water Treaty while Pakistan indicated its intention to do the same when it comes to other bilateral agreements, including the Shimla accord. War and hostilities, wherever they take place, cause more harm to ordinary people than leaders. In this case, the first casualty is the people of both the countries. In a tit for tat move, both countries cancelled visas of each other's nationals. The only land border between the two countries has been shut. Painful stories have emerged from these decisions. An 80-year-old Kashmiri, who was declared a Pakistani national, died in a bus when he was being transported by Indian authorities for deportation to Wagah border. A mother with a Pakistani nationality had to leave her Indian husband and young son behind. Pakistani patients who went for medical treatment to India were expelled. Media outlets have set up war rooms in anticipation of conflict, whipping up frenzy and hyper nationalism. But remember, those who are baying for blood will regret and express remorse later!
