|
Growing anxiety over weak expansion, falling investment and eroding competitiveness has pushed Pakistan's business leaders to demand sweeping changes, arguing that piecemeal adjustments can no longer place the economy on a stable path. Recent consultations within trade and industry circles suggest frustration is building despite episodes of headline stabilisation, as reported by The Express Tribune.
According to The Express Tribune, participants in these discussions say the fundamental environment for doing business remains uncertain. They cite complicated procedures, frequent policy reversals and a chronically narrow tax base as enduring barriers that continue to sap confidence. While such constraints have existed for years, many believe their accumulated impact is now far more damaging. Muddasir Masood Chaudhry, a former office-bearer of the Lahore Chamber of Commerce and Industry, has argued that the present structure requires a thorough redesign rather than minor repair. In conversations, he stated that bureaucratic hurdles still prevent firms, particularly small and medium enterprises, from scaling up. Without easing these obstacles, private capital will remain reluctant to commit for the long haul. Another persistent worry is the magnitude of undocumented activity. Business estimates indicate a significant portion of output operates outside the formal net, keeping the tax-to-GDP ratio well below that of comparable economies. Chaudhry has supported documentation but warned against abrupt crackdowns. With digital footprints already available through banking and utility systems, he believes a gradual, negotiated transition would encourage compliance. Once participation widens, he says, rates could fall for those already paying, as cited by The Express Tribune. Export performance also remains under scrutiny. Although shipments have improved, Pakistan continues to trail regional rivals. Specialists attribute this to the absence of consistent, long-term industrial priorities, urging policymakers to back selected sectors steadily instead of shifting direction every few years. Low female labour participation is viewed as another missed opportunity. Business leaders maintain that targeted training, safer workplaces and flexible arrangements could unlock sizable gains, as reported by The Express Tribune. (ANI)
|
