Daily Times

With electricity prices going up and yet another petroleum hike making rounds on television screens, one cannot deny that the inflation battle is far from over. Inflation in Pakistan continues to rise and the multi-decade-high rate is primarily driven by soaring food and fuel prices. While the staggering numbers are of significant concern to the people walking on the street as they are increasingly failing in their crusade to serve food on the table, the alarming situation does not appear to ring any alarm bells for those in power. Far-reaching implications that may erode the purchasing power; discourage savings and investments; and give way to uncertainty in businesses, all of which culminates in a fragile trade balance, should have topped the priority list of any government interested in public and economic welfare. There appears no end to the spiralling statistics. Yet, instead of focusing on the causes and potential remedies to alleviate the burden off the backs of the common man, our ruling elite seems overwhelmed by power squabbles. Most of the measures brought to the table are considered on the basis of their headlineworthiness. Until and unless the state does not open its eyes to the fact that some policies would have to be introduced without their relevance to the election scorecard, the dark day will continue.

Only a multi-pronged approach that seeks transparent and accountable budgeting in addition to targeted subsidies holds the torch for a better tomorrow. No qualms about that. By widening the tax net, any country is in a stronger position to care for its vulnerable segments. But then again, there’s no use taxing its own people if a comprehensive and robust trading strategy does not boost domestic production. We cannot afford to rely on sky-touching imports any longer. May it be imported oil, commodities or luxury goods, the consumer-driven economy would have to go. *