Rahmat Karim Baig

Economic stability is the foremost obligation

Prof. Rahmat Karim Baig

We are now celebrating our 75th Independence Day and recall the long spell of throes that followed the partition of the Indian subcontinent. But after 75 years, we are still economically and politically unstable.

The country has been under dictators for more years owing to the incompetency and dishonesty of the politicians. Our leadership after the Founder of the Nation has failed to give priority to the national interests than their personal interests. That is why we are still backward and beg for loans from friends and enemies but those who got their independence after us have overtaken us and are moving faster.

It is because at the time of independence we were divided into sects despite being Muslims and the sects rose against each other from time to time. Why? Because they were being instigated by our enemies. The leadership of the Indian National Congress had reluctantly agreed to the partition of the sub continent and hoped to bring back the Muslim majority provinces by hook or by crook and for that purpose they tipped the various sects to fight against each other and create a state of chaos in the newly created country with small resources.

It was hoped that the Muslims were notorious for financial mismanagement and would end in a monetary confusion and thus the state shall not survive but however it did as the bureaucracy of that time was honest and thus steered the boat on the right line but the endeavours of the original enemies continued. They sent their spies into various sectors of Pakistan including the defence to know as how it is being structured; economic system to be sabotaged to destroy our markets abroad and to weaken the state in all walks of its structure.

The present instability and economic chaos is the incompetency of the political leadership planned by the economic team of each government which shifted from dictatorship to feeble democracy and then to dictatorship and then to poor democracy and the policies continued to change and mismanagement of the economy worsened year by year and trade deficits soared each year. It was the incompetency of the economic planners who have landed the economy into the mire by failing to priorities the goals.

They did fail in achieving the goals and had to go to IMF for loans without realizing that the loans bring mark ups with them and need to be paid in time and the capital also at installments, so like the poor Muslims under the British rule who got into the ditch of bankruptcy on loans, taken from the BANIAS because of high rate interest and had to surrender their landed property or had to accept Hinduism if the money lender put that condition. It was at that situation that the Muslim leaders of India felt that the future of Muslim society in India is in jeopardy and could disappear if preventive measures were not taken.

Now our political parties are at logger heads and abusing each other vehemently whereas they have to look at the grim economic situation of the country. This tug of war will bring neither of them any good nor will lessen the burden of loans. They have to sit together to chalk out a plan in the larger national interest to improve the drowning economic position  seriously and control the royal life style of the ministers and advisors and minimize the over head expenditure.

A high grade austerity drive has to be imposed for a couple of years with subsistence allowance to the ministers and reduce all the perks and privileges of the senior officials. A bankrupt economy cannot afford that luxury. The prime Minister is an extravagant man of RANGILA type and he is not fit for this crises and some man of erudition and foresight has to be installed till the general elections. The rejoicing on the LOANS from IMF is the height of stupidity and those who do so are devoid of self esteem.

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