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It is well established practice since our inception to bench mark Pakistan with India, although there is no match to the size and economy of the two countries. I have recently been on a budget programme show the anchor and the other guest a shipping agent were bent upon bench marking our ports and shipping sector with India, without realising the size of Indian economy.
Indian economy has grown steadily since the last many years giving boost to its import/exports. The volume handled at present at 12 major Indian Ports is about 600 mill tons, when compared to our volume of Karachi and Port Qasim of 58 mill tons. There are also 185 small ports managed by States of E.C./ W.C. India. Only one port Vizak on East Coast India handled 56 mill tons and is set to achieve 66 million tons in 2008, more than the volume of our two ports.
In Pakistan, due to instability of the last 14 months, foreign flows have declined by 46 percent. Last year we received more than 5 billion USD but now this year it is meagre 2 billion USD, pushing Pak Rs slide to Rs 70. State Bank has taken corrective measures on the pattern of Central Bank of India. The inflation in India with stability is likely to touch double digits. The trade deficit is rising and said to be 80 bill USD, due to import of fuel oil because of 40 percent price hike.
Pakistan suffering from instability is said to face trade deficit of 14 bill USD due to rising fuel oil and commodity prices. The blame squarely lies on harsh statements which made the investors shaky.
We have to tighten our belts and ensure mixing of 10% ethanol, harnessing wind power for power generation, building small dams and stop import of luxury cars worth 1 bill USD, and try to avoid dependence on fuel oil. We must build more refineries to meet our diesel requirement as present capacity is only 3 mill tons.
With power conservation, we have to restrict wheat imports and try to induce our people to go on potato diet as Bangladesh govt. has asked its civil and armed forces to replace rice with potato in one meal. Bangladesh harvested bumper potato crop of 8 mill tons. We can also substitute wheat with Irri-6 rice by changing our diets, to curb import of wheat.
We must see the ground realities and stop bench marking any sector with Indian economy. We must do our best to conserve our commodity by building silos and refrigerated storage to face any commodity shortage. If wastage is arrested in Pakistan and smuggling is curbed we do not need to import any edible commodity except edible oil. "It is better to light a candle than to curse the darkness" (Geoffrey Moss).

Copyright Business Recorder, 2008

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