05 July 2004 Monday 16 Jamadi-ul-Awwal 1425 Opposition needs to evolve an economic alternative When the opposition in Pakistan so widely differs from the government, should it not have a well-defined economic policy of its own? ... Concern for employment There is no dearth of concern for employment generation in the country. Even though the policy makers boasted of a high rate of growth at 6.4 per cent last fiscal year (FY04) ... Growth enriching the rich By any measure of reckoning, the economy has performed well. Barring slow growth in agriculture sector and a low level of foreign direct investment, all other economic indicators point to an impressive and better than expected performance of the economy. ... Development spending and economy's growth Much of the accelerated economic growth in the past two fiscal years can perhaps be explained by an accelerated public sector development programme (PSDP) that is also "crowding-in" private investment. Development spending has a multiplier effect. ... Alternative globalization Mainstream economists concede that the present globalization is favourable for the developed countries but they say that the poor countries should participate in the unfair game and extract as much concession as they can since there is no alternative. ... Balochistan has no money for its projects Balochistan government groans under a huge deficit of more than Rs14 billion (Rs5 billion carry-over overdraft with the State Bank of Pakistan (SBP) from 03-04 and an anticipated gap of Rs9.50 billion during 04-05). ... Gwadar take-off may be delayed Gwadar, the fast emerging deep seaport at the western most tip of the Mekran Coast, has a tremendous potential for growth. However, it will have to pass through its share of problems ... Debt reduction or debt deferment Be it an individual or a state, prudence demands that the budget-income and current expenditure-must at least balance with a surplus being a preferred option. ... Why PIA preferred Boeings It is not very often that public sector in Pakistan takes big steps to facilitate the public. One can enumerate a number of reasons for this indifference or lack of concern. This does not mean that there has never been any development. ... Our pampered sugar mills In a recent fortnightly statement, the Pakistan Sugar Mills Association (PSMA), according to newspaper reports, has announced that production of sugar has risen by 8.6 per cent this year, giving a total yield of 4m tonnes. ... Monitoring the illegal Bt cotton crop Following the introduction of Bt cotton in India, reportedly through illegal and secret trials initially during 1990's, here in Pakistan fears had been expressed by some quarters that like other items, seeds of Bt cotton may be smuggled into the country. ... Agriculture in focus but professionals missing Although agriculture's contribution to the national economy has fallen from 53 per cent at the time of Independence to 24 per cent now, it still provides employment to 44 per cent of the labour force. ... Agriculture in focus but professionals missing The government is gradually beginning to put the agriculture sector under greater and more positive focus but all said and done, there seems resistance against treating it on a par with industry ... Shares celebrate Shaukat Aziz's future portfolio Stocks resumed their upward drive during past week after dust on the political front settled down and investors, though unwillingly ... Rupee fades against dollar After maintaining its stable trend for the last eight or 10 months, the rupee now seems to have lost its strength over the dollar before the end of fiscal year 2003/04. ... Notes in circulation, issued fall in unison The State Bank of Pakistan on June 30, mopped up Rs22.8 billion from the inter-bank market in the last open market operation of FY04. The amount was siphoned off for one week through treasury bills repo at four per cent ...

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