Electricity prices have been increased 14 times in a year, placing a burden of 455 billion rupees on consumers. Meanwhile, due to institutional incompetence, 500 billion rupees worth of electricity is stolen annually in the country—a cost that the government and Independent Power Producers (IPPs) pass on to the poor instead of bearing themselves. It is a tragedy to charge people for electricity they have never used. A report by Bloomberg states that “electricity rates have increased by 155 per cent since 2021, bringing Pakistan’s electricity consumption to a four-year low.” Expensive electricity has crippled the economy, with inflation in Pakistan now at its highest level compared to other Asian countries. The rulers have made life unbearable for 250 million people to secure funds from the IMF. The revelation that 15 billion rupees worth of free electricity is being given to 190,000 employees of power companies is like rubbing salt in the wounds of those already suffering from exorbitant electricity bills.
The IPPs have become a monster, with their corrupt practices and looting paralysing the country and its people. Defending these oppressors is a shameful act. Expensive electricity has driven people to suicide. The continuous increase in electricity prices has led to the closure of 50 per cent of the country’s textile industries, leaving 125,000 workers unemployed. The current government has failed to save the textile sector. Out of 580 spinning mills across the country, 29 per cent are shut down, while 20 per cent of the 440 knitting mills have closed. Out of 880,000 water jet machines, 32 per cent are no longer operational. Unemployment is rising, and the country is facing its worst crisis yet. The people have lost hope due to these unfavourable conditions. The government’s economic policies are deceptive; the elites have been given more privileges while taxes are imposed on the people. No measures have been taken to reduce inflation. The rulers have kept inflation unchecked, while electricity, gas, and petrol prices continue to rise daily.
Economic depression, poverty, lawlessness, constitutional violations, sham democracy, corruption, mismanagement, regional bias, oppression, and fascism are spreading like wildfire. The performance of PDM One, Two, and Caretakers can be gauged by the fact that, burdened by inflation, load-shedding, unemployment, and heavy taxes, Pakistan is facing the worst inflation in the region. I believe Prime Minister Shehbaz Sharif should provide relief to the people through action, not words. The continuous increase in electricity prices has driven people to mental distress. They can no longer bear this burden of taxes. Despite being bankrupt, Sri Lanka’s total exports have reached 30 per cent of GDP, while Pakistan’s total exports are only 12 per cent of GDP. The government cannot be allowed to play with people’s livelihoods in the name of austerity. Instead of making people jobless, the government should curb its excesses, eliminate unnecessary expenses, and end the culture of protocol.
Unfortunately, due to the reckless decisions of the rulers and their leniency towards corrupt individuals, every institution is on the brink of collapse. Politically motivated and anti-merit recruitments in government institutions should be halted. With each passing day, the political and economic crisis in the country is worsening. The government has no concrete plan to address it. If this trend continues, the country will descend into anarchy, internal chaos, and disorder. The unfortunate reality is that the annual losses of the country’s failing institutions have reached 905 billion rupees. PIA alone suffers a loss of over 400 billion rupees annually. In the last 10 years, the losses of Railways and the National Highway Authority (NHA) have exceeded 5,595 billion rupees. The book value of the assets of government institutions is 35,218 billion rupees, while their liabilities have risen by 20 per cent to 29,721 billion rupees. According to State Bank data, the government has incurred a debt of 8,073 billion rupees, which has increased by 13 per cent in the fiscal year 2024, bringing the total debt to 68,914 billion rupees. The government’s domestic debt stands at 47,160 billion rupees by June 2024, while its foreign debt has reached 21,754 billion rupees.
The PML-N and the People’s Party are equally responsible for the dire situation the nation faces today. The people have tested both parties repeatedly, and they have done nothing but plunder and make false promises. Institutions have been destroyed, and the national treasury has been emptied. The graph of corruption is reaching new heights.
Muhammad Imranul Haq
The writer is a Deputy Secretary Information of Jamaat-e-Islami Punjab and Chairman D Nine Media Forum Pakistan.