Trade deficit

During the past five years, Pakistan’s trade deficit has been recorded close to Rs 100 billion. Where this should be a clarion call to examine our trade policy now in a shambles thanks to the PPP’s carelessness, it is also time to stop the bombardment of luxury goods in the local market. When our industry has fallen on bad days, there ought to have been all the more need to stop this influx of costly foreign items that people buy more out of their propensity to make a show of their wealth. Our industry has suffered, leading to massive labour layoffs and ultimately affecting economy’s growth. As the huge amount that the people spend on buying these luxury items would also prove that Pakistan is not a poor country, it is better if this capital is spent on products made in local factories. Extra revenue would of course generate when these products would be sold abroad. This way it would be able to control the galloping inflation as well as joblessness. There is no dearth of countries that have made massive economic strides by boosting up their exports instead of getting used to wasting expenditure on foreign products.

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