The East India Company, after obtaining a permit for carrying out trade in the un-divided sub continent from Mughal emperors, the first thing it studied were the tendencies of rulers so that the shrewd members of the company could exploit them. The EIC found that the rulers were more indulgent in comforts than doing real business. These tendencies among the then rulers encouraged the ambitious East India company’s establishment to exploit their weaknesses first in order to weaken their sovereignty and then assert their own rule. To materialize their ambition they opened up the mouth of their wealth and did lend the money to the rulers to spend on their comforts and in exchange they gradually got sovereignty upon the indigenous resources eventually throwing the beleaguered rulers away from the arena.

Unfortunately, the history is about to repeat it with IFIs taking the role of east india company and our rulers becoming modern Mughal emperors. They are surrendering the sovereignty in order to get easy money from IFIs to spend on their ill-planned projects and that too only beneficial to the rulers. In thanks giving to the IFIs the rulers have un-leashed the jinni of price hike in the shape of mini budget for almost every item of daily use especially consumed by the people who have very little source of income because this price hike would earn the rulers extra 40 billion as they will have to pay back to the IFIs for the loans they have obtained in the first place to spend on ill and fraudulent projects. But this move is not without bringing very difficult situation for a very large segment of population in the country who are already living under duress due to less developing activities coupled with discouraging policies of the government for agriculture sector and large scale unemployment. Almost every item has been taxed yet the finance minister is telling the people that only luxury items have been brought under additional tax net; what an irony that milk, yogurt, biscuits and creams are being termed as luxury items for poor?

What these rulers will do after the blood of people is sucked and still they fail to make good of foreign loans? Are they determined to introduce the replica of the East India company once again?


Karachi, December 2.