Patron of Islamabad Chamber of Small Traders (ICST) Dr Shahid Rasheed Butt said on Sunday that privatisation has not achieved its objectives. Sale of government-owned assets has not resulted in reduced trade deficit, increased growth rate or improved investment climate, however, it has resulted in unemployment and social issues, he said. He said that many state-owned units were converted into plots and housing societies by the buyers putting a question mark on the whole exercise.
Shahid Rasheed Butt said the government could consider reducing deficit by curtailing expenditure, improving tax collection and boosting exports and suspend sale of state-run entities.
He said the privatisation process should be transparent and only that bidders should be allowed who command respect in the society.
Some analysts believe that international institutions force poor countries to sell their assets on dirt cheap prices.
Dr Butt said the government should form a commission to look into pros and cons of the privatisation.
The government can collect around Rs 6 billion in taxes if the rich people are made to pay taxes and FBR works honestly, he said, adding that it will break the begging bowl forever.
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