The recent hike in the prices of petroleum products will not only hit the already struggling economy but also to the masses. Both the business community and masses rejected the sharp increase. Pakistani economy is already reeling under multiple mounting pressures.The high inflation hurt both the ordinary people and the businesses. The inflation will definitely rise in coming days. The high inflation will further erode the consumption and purchasing power of the masses and middle classes.
The government recently revised prices of gas and electricity and now the price of petroleum products has been increased to please the IMF (International Monetary Fund) to get the fresh loan. The hike in the prices of electricity, gas and now petrol has made the input more costly for the industry. The industries will be forced to increase the prices of products.
The transport fares will go up and transportation of goods and products will become expensive. It means, the inflation will go further up and would hit the poor and lower middle class very badly. The government has pass on the burden of crisis to the masses.
There was no justification of recent increase in the prices of petroleum products as the oil prices in the international market are stable. It seems that the PTI government has taken such decisions and measures to meet the conditions of IMF to get the loan.
But in the processthe government has made the life of the people and business community much harder and problematic. The people were expecting that the PTI government will provide them relief. But on the contrary, PTI government is transferring the burden on to the people.
PTI government is following the policies and measures of the previous governments. It’s not really a change. The government, Instead of containing massive energy theft, opted for the easy way out by kicking petroleum prices upwards multiple times in a row, adding to the hardships of the underprivileged struggling to survive on bare subsistence.
The PTI government’s economic managers have shown the inexperience so far. They have no idea that their policies and decisions are badly affecting the poor masses. They are making their already miserable lives even worst. The life is fast becoming unbearable for the majority of the population.
PTI made the pledge during the election campaign that it would transform the country into a welfare state and would take measures to improve the economy. But contrary to their slogans and rhetoric, the PTI government has shifted the entire burden on the masses, which are not responsible for the financial problems of the government. Their economic policies are not going to bring change in the country but instead will strengthen the status quo.
It is pertinent to mention here that the benefit of foreign or local loans had never benefited masses or country, but helped the privileged class and the funds raised from the recent steps would also be spend on the ruling classes.
The high cost of doing business and expensive input for industries will not help to create new jobs. To encourage the industrialization in the country, it is important that industrial input should be kept low. The industries cannot compete with outside world when the input becomes expensive.
PTI needs to change its economic policy to deliver the promises it made before the elections. The current policies will only bring more miseries and hardships for the masses and small business owners including shopkeepers.
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23 August, 2019