KARACHI - Country’s top economists have said that ever-increasing prices of essential commodities have made the lives of people miserable. Experts opined that unstoppable inflation would keep on rising if the government didn’t take concrete steps to control it.

Dr Qaiser Bangali told The Nation that the cost of the ever worsening problem of inflation is constantly being paid by the people. He said that the major segment of the society hurt by inflation is the lower income. Renowned economist said that it is not possible for a fixed salary person to make savings and most of the people even reduce their essential kitchen items use due to unstoppable inflation.

Dr Qaiser said, “We have different survey reports which confirm that a large umber of the people didn’t eat even a single egg in a year due to lower income and sky-high inflation. In such circumstance parents even can’t fulfill the basic needs like food of their children”.

“A large number of people don’t have bus money for fares to go to their work at the end of the month,” he said.

He said that the government is using its resources for non-productive expenditures like laptop schemes, whereas the basic responsibility of the government is to create job opportunities which, he said, is not possible without industrial development.  “Pakistan needs the right policies for economic uplift and controlling inflation. Budget has put more burden on the helpless public,” said Dr Shahid Hassan Siddiqi, a renowned economic expert while talking The Nation.

Siddiqui further said that controlling inflation requires deep rooted fiscal reforms. “A strong ‘political will’ is needed to deal and tackle these issues which are crucial and essential for the stability and progress of the country,” he said.

“At this time, the government should rely on its own resources and shouldn’t seek loans from IMF and other international lenders for spending the same on non-productive schemes,” he said. He said unfortunately but usually our budgets are formulated according to IMF conditions and keeping in mind the needs of rich and powerful segments of the society.  The government had assured the IMF that it would continue to increase the prices of electricity and gas, he said and added that such decisions fuel inflation in the country. “The figures given in this budget clearly define the path of government. Buget has nothing for the common man but at the same time no tax has been imposed on the powerful and rich people,” he added.  He said that inflation can be curtailed through curtailment of monetary expansion, lowering budget deficit, reducing our government’s luxury expenses both at federal and provincial level, promoting efficiency by education and skill (human resource development) and completely reassessing the system of direct and indirect taxes.