Principled policies
May 1, 2021
LAHORE: Pakistan’s economy can still be rebuilt from the debris if the economic managers focus their attention on policy instruments and put their foot down on political compromises.
We do not have a clearly defined industrial policy. There is no consistency in announcing and implementing routine long-term policies in sectors like textiles and automobile. Textile Policies 2009-14 and 2014-19 were formulated with the aim of enhancing exports to $25 billion and $26 billion, respectively. We could hardly achieve half the target.
It was because these two policies were partially implemented. The textile policy 2020-25 has been formulated but not announced even in 2021 and the export target has been reduced to $20 billion. Similarly the first auto policy 2007-12 was tinkered after change of government in 2008. The target was to roll out 500 cars by 2012 but only half the target was achieved. The next policy was announced after four yea ....