Home / Knowledge / News / Govt institutes in urgent need of policy transformation - experts
Govt institutes in urgent need of policy transformation - experts
18
Mar '08
Governmental institutions of Pakistan need to undergo a major transformation to ensure that the economy secures sufficient GDP income.

Expert survey shows that the country is suffering due to dismal tax-to-GDP ratio of below 10 percent, persistent trade deficit, clumsy performance of the textile industry and widespread manipulation in the capital market.

Starting from Federal Board of Revenue, Trade Development Authority of Pakistan to the Ministry of textiles and Securities & Exchange Commission of Pakistan, all of the major departments requires a restructuring both in terms of their functions as well as their operational policies.

In the last decade, Pakistan showed a commendable growth with tax-to-GDP ratio standing at 13.5 percent. Rate of development accelerated as GDP increased from US $65 billion to $160 billion (Rs10,000 billion) in eight and a half years.

Economists point out that if the level was maintained, revenue collection would have been Rs1,350 billion and the budget deficit would have dropped to zero. Thereafter, the country would have been able to stand firm in spite of soaring oil prices.

However, this much acclaimed tax collection machinery failed to sustain its target resulting in declining tax-to-GDP ratio that drops to 9.85 percent.

Although, Pakistan showed a tremendous increase in its exports till 2002, the growth stagnated after a while.

However, competing countries like India, Bangladesh, China, Vietnam and Cambodia continued to expand their export domains while Pakistan's export base remained narrow both in terms of product and destination.

Must ReadView All

Apparel/Garments | On 24th Mar 2017

UK online retail sales up 15% in February 2017

Online retail sales in UK have grown by 15 per cent year-on-year in...

Courtesy: Messe Frankfurt

Textiles | On 24th Mar 2017

Over 3341 exhibitors participate in Intertextile Shanghai

More than 3,341 exhibitors from 26 countries and regions participated ...

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search