A prominent government retired economist once told me that inflation in developing countries is an essential part of progress and prosperity. However, I believe it would be true only if inflation is riding at the back of investments and growth in the right sectors.

Unfortunately, the previous government spent huge funds on construction of motorways, flyovers, underpasses, and metro bus service, which are important but only if coupled with investment in education, health, industrial and human capital development sectors. The past government missed the later, that is, it ignored education, health, human development, construction of dams.

They kept focussing on the projects which could earn them personal glory and popularity whereas the masses sigh under the heavy weight of inflation. The amount spent on these subsidized schemes is a precursor of bringing Pakistan into a debt trap. The new government won the elections on the promise that it would set things straight by investing in the right sectors. Sadly, it’s policies and actions reflect to the contrary. The budget layover is also quite disappointing in terms of allocation for health, education, and industry.

The government must realize this sooner than later and change its course of action to take right steps for the revival of crippling economy and reduction of high inflation. At the moment, it seems we are going in the wrong direction and hoping to reach glory.