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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.

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