Quoting well-placed official sources, a Business Recorder news item claimed yesterday that the federal government has reportedly decided to declare exports as a 'national priority' and harmonise all policies to take country's exports to $50 billion mark by the end of 2018-19. It also claimed that Commerce Ministry is striving to convince the top brass that economy should be liberalised and incentives should only be given to export-oriented industry.
"Pakistan's exports indicated a declining trend during the first half of the current fiscal year. According to statistics, exports declined to $12.073 billion during July-December 2014-15 from $12.617 billion during the same period of last year showing a reduction of 4.31 percent" according to the report.
This declining trend must serve a warning to our economic policymaking echelons. How ironic and unfortunate it is that our finance minister is losing no opportunity to take credit of the current foreign exchange reserves that have soared to a little over $15 billion. Little does he perhaps realise the fact that even Bangladesh's are higher than ours. What would be his take on the current status of India's foreign exchange reserves? India, at present, maintains over $322 billion foreign exchange reserves. While our arch rival is making strides in economic policymaking despite a recent change of government, we are still groping in the dark with regard to our priorities because of non-ending squabbles and infighting. Declaring exports a national priority will not suffice unless it is backed by a strong resolve and commitment. There is therefore a need for a clear economic roadmap and a broad national consensus on economic priorities.