Balochistan needs sound policies to face economic challenges
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KARACHI: The Balochistan Economic Forum (BEF) has issued an advisory emphasizing on the provincial Government to spend budgetary provisions on economic-related projects, human resource development and laying the foundation of future economic development of Balochistan.
While the increase in provincial revenue has since helped the province significantly spike its development investment from its own resources, it has not done much to stimulate economic growth.
The investment scenario in Balochistan is now bright because of foreign investors’ interest in economic development of abundant resources in mineral, fisheries, agriculture & livestock sectors, and the province could develop into a major trading and business hub, as the potential of Balochistan is now widely understood.
Active and aggressive private sector development is one opportunity of enormous importance to Balochistan in particular for accomplishment of economic development in the province, the Provincial Government should take appropriate steps on priority basis for the exploitation of natural resources, as the delay in effective use of resources will keep industrial activities in Balochistan at low profile. Balochistan should take the opportunity and encourage the private sector, and should invite foreign investors in different sectors.
The Balochistan Economic Forum highlighted that the Balochistan government must find new and dependable sources of income to reduce its dependence on the federal government for its financial needs, the financial problems in Balochistan should be an eye opener for the political leadership & economic planners of the province, and it is high time that they should draw a comprehensive economic and Governance strategy that would facilitate tackling of the economic challenges requiring the urgent attention of the leadership, and also consider seriously preparing a strong economic foundation to get rid of total dependence on the federal divisible pool.
It is pertinent to note that Balochistan’s share in the country’s tax income has spiked by almost eight times from Rs29bn in 2009/2010 to Rs220bn in the estimated provincial revenue receipts for the next fiscal year following the implementation of the 7th National Finance award in 2010-2011.
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