Economy Festival 2024: Experts Advocate Bold Economic Reforms

The Economy Festival 2024, organized by the Pakistan Institute of Development Economics (PIDE), in partnership with the Research for Social Transformation and Advancement (RASTA) programme and the Pakistan Society of Development Economists (PSDE), aims to catalyze significant changes in Pakistan's economic landscape. The festival focuses on promoting research for social transformation and advancement to address the challenges hindering the country's growth.

Dr Nadeem ul Haque, a key figure in the festival, highlighted the urgent need to overhaul outdated colonial institutions that impede market growth and technological progress in Pakistan. He emphasized the detrimental impact of a government footprint exceeding 64% of the economy, policy uncertainties, and excessive regulations on investment and innovation.

The reform agenda outlined during the festival targets critical sectors such as energy, education, urban development, state-owned enterprises, tax reforms, and healthcare. Key strategies include decentralization, professionalization, and leveraging technology for governance enhancements. The agenda also advocates for corporatization and privatization to stimulate growth and attract investments.

Dr Durre Nayab emphasized the importance of regulatory modernization, tax reform, and market liberalization to drive efficiency improvements in sectors like energy, agriculture, and banking. The 'Regulatory Guillotine' initiative aims to streamline regulations that hinder business growth and innovation.

Dr Faheem Jahangir called for tax simplification, policy certainty, and automation in tax administration to boost efficiency. The plan also proposes a pro-export trade policy and relaxed market regulations to foster an investment-friendly climate.

Experts like Daniyal Aziz, Nargis Sethi, and Taimur Jhagra discussed the need for comprehensive reforms in public administration to enhance governance effectiveness. Former Federal Minister Syed Mohammad Shabbar Zaidi addressed misconceptions about taxes, stressing the importance of accountability in provincial spending.

Rasul Bakhsh Rais highlighted the significance of upholding the constitution and ensuring judicial independence for a genuine democratic transition. Arifa Noor and Saroop Ijaz underscored systemic issues in media reliance on government funding and electoral integrity, advocating for political solutions to restore trust in elections.

Shahid Kardar drew attention to Pakistan's challenges in IMF programs and tax systems, emphasizing the critical need for reform and efficient tax collection to address financial disparities.

The Economy Festival 2024 serves as a platform for experts to address Pakistan's economic hurdles and propose actionable solutions for sustainable growth. By advocating for reforms in governance, taxation, and regulatory frameworks, the festival aims to pave the way for a more prosperous and innovative economic future for Pakistan.