For to have sustainable development in Pakistan and make it a prosperous country, the three main factors that need to be looked at are agriculture, industry, and trade because the combination of these variables has a positive relationship with GDP growth rate.
Most of the raw materials needed for local industries are produced from agriculture sectors. Likewise, many raw materials and goods that we export to foreign countries are produced from agricultural products.
The agriculture of Pakistan dominates its economy. About 70 percent of people are directly or indirectly attached to the agriculture sector. Before partition, only Punjab was able to fulfill the agriculture needs of the whole of India due to its highly fertile land of Indus river basin.
Today, there are certain occasions that we are compelled to import wheat which is purely an agricultural product and sugar which is an agro-based product. The main crops grown in Pakistan are wheat, rice, cotton, and, sugar cane. Multiple types of vegetables and the best quality of fruits like mango, apples and, organs are also grown here.
The cottage industry is of unique kinds in this world where cutlery, surgical equipment, machinery items, fans and, pottery are made and also exported. The cement, sugar, and textile industry of also Pakistan is well-reputed all over the world.
Finally, the biggest factor for the development of the country on which we can bank upon is a large human resource and the highest ratio of youth in the world.
All these factors go hand on hand in making the economy of the country strong and getting the country on the track of development. But the inability to have sustainable growth in the country is riddled with many factors like governance issues, the extended dependence on foreign loans, widespread poverty, lower literacy rate, religious fanatism, and the menace of corruption.
Policies, regarding agriculture, industrial, or trade are usually on a hog basis. One of the most drawbacks is the attachment of Pakistan’s economy is with the World Bank and IMF. Heavy loans at high interests are offered and accepted and as a result, the Pakistani government never feels free to take sovereign decisions for the overall betterment of the economy.
The most important thing which is required to strengthen the Pakistan economy is to liberate it from the clutches of international financial institutions. It will immediately help in two ways. One; to get rid of a big portion of GDP used for debt servicing and second; Pakistan will start having the liberty of taking independent decisions in self-interest.
Arrangements must be made on the warlike basis to get rid of the loans of international, financial institutions. State Bank must come up with relaxed monitory policies for the farmers, industries, investors, medium, small, micro enterprises, and common people.
For stable, sustainable, and long-term economic development and to make it a prosperous country, the foremost thing required is to have a strong democratic government and strong public institutions. The government must be allowed to complete their tenure and finally, the government and other political parties must sign the charter of the economy that outlines an uninterrupted economic policy of 10 years.
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