Inflation is at its peak due to which life has become miserable for the common man, wo is running from pillar to post to make both ends meet.

The unprecedented 38 percent inflation means people are starving as unemployment and poverty have made it difficult for a common man to live.

Though inflation is a world-wide issue but Pakistan is the hard-hit by the issue. The economic crisis has increased inflation and poverty around the world, and even in the West, some people have been forced to eat one meal at a time.

However, the real problem of the vast majority of the country is inflation, which has made their lives difficult. In order to control this, it is necessary to stop the theft of electricity instead of increasing the price of electricity, which according to the Standing Committee of the National Assembly has reached 500 billion rupees, besides giving easy loans from banks to the people for the installation of solar systems.

All facilities like free electricity, gas, petrol should be withdrawn from the privileged classes, the number of federal and provincial ministers should be limited to the last limit and all other unnecessary government expenses should be stopped.

Food inflation is increasing at a rate of 39.50%, the removal of import restrictions will improve supply from imported food.

Global food prices will continue to be affected, food prices will gradually decrease.

Experts further said that increasing electricity and gas prices under the IMF agreement will lead to inflation.

The report said that the general estimates of reduction in inflation are not correct, the State Bank will need to increase the interest rate further.

The report said that the general estimates of reduction in inflation are not correct, the State Bank will need to increase the interest rate further.

Bloomberg experts say Pakistan's inflation figures are surprising, pointing to further hikes in interest rates.

And there is more to this situation as is evident from commentary of the Bloomberg experts who while deliberating on the inflation data, have clearly stated that though consumer inflation has decreased for the second consecutive month, yet its rise is surprising.

Experts have put the average inflation in fiscal 2024 to hover around the IMF estimates, which are on the high side indeed.

The report said that the general estimates of reduction in inflation are not correct, the State Bank will need to increase the interest rate further.

As a matter of fact, inflation is at its peak and the rate of inflation in the country has touched a record high of 44.49 percent.

According to economists, the IMF has put the inflation estimate at around 26 percent, which is not in conformity with keeping the real rate positive on what may call a forward-looking basis, while Bloomberg has estimated a 21 percent average inflation. So the difference is there in the estimates.

Moreover, the central bank of Pakistan has also predicted inflation to rise  at a rate of up  to 22 percent which is really disturbing as the common man is already running from pillar to post to make both ends meet.

At the same time, some analysts said that the inflation rate will decrease in the coming months. But this is not certain due to adverse weather conditions and fluctuations in global commodity prices, additional taxes and increase in electricity and gas prices may cause inflation to rise in the coming months.

However, in the light of the Agricultural Policy Committee's review, analysts also pointed out several positive changes, in which the elimination of economic uncertainty and the major addressing of financial challenges from the external sector are particularly noteworthy, while due to better agricultural crops.

It is said that commodity prices are also expected to decrease. The claim of improvement in the economic conditions on behalf of the Governor State Bank in these respects is undoubtedly in line with the facts. Clear evidence of the end of uncertainty and the recovery of investors' confidence is the boom in the stock market, which was demonstrated during the recent weeks in the form of the KSE 100 index reaching over 48,000 after two years in the Pakistan Stock Exchange.

The Govt should take revolutionary decisions to deal with economic crisis. The establishment of a Special Investment Facilitation Council at the national level is of great importance and will have far-reaching results to remove the existing barriers in foreign investment.  After the agricultural revolution plan, now plans are being made to exploit the mineral resources. The mineral conference held in Islamabad to highlight minerals is a link in this series.  In the current economic crisis, decisions of this nature would be tantamount to changing the economic landscape altogether.

We have abundance of natural resources and there are hidden treasures of gold, copper, brass, lithium and other minerals. Minister of State for Petroleum, in a press conference, announced the launch of the revolutionary project "Soil Not Development", and said that he would extract the metal and sell it by adding value.  He gave the example of America and said that the total value of its three companies is 60 billion dollars, on the basis of which it is the major economic power of the world, while Pakistan's minerals alone are worth 61 billion dollars.  Can we not extract gold, copper, brass and titanium from our land. There are vast deposits of coal in the Thar desert. Under this project, an industrial zone consisting of small scale industries will be created in Gwadar.

Mining minerals will provide employment to the poor. The country will be on the path of economic development. Domestic exports will increase. He was right to say that when the game of development is played in the country, people become very rich, but the life of the poor does not matter. It is expected that these projects will bring real prosperity to the lives of the poor.  In the current situation we really need extraordinary measures on a practical basis.

Published in The Daily National Courier, October, 26 2023

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