As Pakistan approaches national elections, key political parties unveil ambitious economic manifestos aiming to address longstanding challenges such as inflation, power tariffs, and structural reforms. With a population of over 241 million, the country faces macroeconomic instability, including lower GDP, energy deficits, historic inflation, and political uncertainties.
Inflation, Electricity Bills, and Exports:
The Pakistan Muslim League-Nawaz (PML-N) pledges a significant economic turnaround, vowing to reduce inflation from 29.7 percent to single digits by 2025. The party aims for over 6 percent GDP growth in subsequent years, promising to create over 10 million jobs. Additionally, the PML-N plans to reduce electricity bills by 30 percent through tariff rationalization and infrastructure enhancements, all while increasing exports to over $58 billion.
Climate Resilience, Energy Transition, and Housing:
The Pakistan People’s Party (PPP) focuses on a holistic approach with its “People’s Charter of the Economy.” In addition to addressing inflation and poverty, the PPP emphasizes climate resilience, proposing to double incomes for daily wage earners and committing to building at least 3 million climate-resilient homes. The party plans to fund these initiatives through the elimination of federal ministries and reallocation of subsidies.
Private-Sector Investments and Long-Term Development:
The Pakistan Tehreek-e-Insaf (PTI), led by former Prime Minister Imran Khan, identifies low saving rates, debt-driven growth, and an unfavorable environment for private-sector investments. PTI aims for long-term development goals, prioritizing productivity growth and export-led growth. The party seeks to discourage import-led growth and focus on labor-intensive sectors like agriculture.
Human Capital, Agriculture Tax, and Vision 2050:
The Muttahida Qaumi Movement-Pakistan (MQM-P) believes in leveraging human capital mobility to increase remittances to $100 billion. The party proposes an agriculture tax on income exceeding Rs4.8 million and promises land reforms through constitutional amendments. Meanwhile, the Jamaat-e-Islami (JI) introduces Vision 2050, emphasizing land reforms, taxation on large landholdings, and reducing energy tariffs to support industrial growth.
Preventing Concentration of Wealth and Modernizing Banking:
The Jamiat Ulema-e-Islam (JUI) vows to prevent the concentration of wealth, eliminate interest-based trade, and modernize the banking system. The party pledges to fix the monthly salary of laborers based on the equivalent of one tola of gold, currently valued at around Rs215,500. Additionally, the JUI commits to reducing unnecessary government expenditures.
Conclusion:
As the election fervor intensifies, Pakistan’s political landscape is marked by diverse economic visions, each aiming to address the nation’s pressing challenges. The success of these manifestos will depend on the implementation of proposed reforms and the ability to navigate complex economic realities. The electorate eagerly awaits to see which party’s economic vision will lead Pakistan into the next phase of development.
