THIS is with reference to the article ‘Political capitalism’ (May 13) which stated that the current hybrid regime was incapable of undercutting an entrenched, unproductive elite. Well, this may be so, but the present regime can take a number of financial, economic and taxation/fiscal measures in order to spur and plod the elite into productive demeanours.

Privatisation is an important economic instrument to motivate our unproductive elite. We have seen privatised entities in Pakistan broadening their economic foothold and, hence, creating value for the stakeholders/shareholders, in addition to making greater contributions towards employment, productivity, dividend pay-offs, and taxation.

Our current situation is not really enviable. Scores of countries have gone ahead of us in practically every economic sector. We have no other way but to focus almost exclusively on the national economy till at least 2035. This is the only way to earn a modicum of respect in the eyes of the world.

As far as political stability in the country is concerned, the main opposition party has marginalised itself by first promoting anti-state rhetoric, and then showing utter rigidity to any effort to bring the party back into the mainstream. While one can hope to have better political stability in the days ahead, there is no doubt that politics should not be allowed to take the economy hostage. A robust economy is bound to benefit one and all.

Abbas R. Siddiqi
Lahore

Published in Dawn, June 20th, 2024

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