Zarb-e-Azb puts Pakistan back on track

Anti-terror operation restores peace, sets stage for economic take-off

A politically and economically stable Pakistan is celebrating its 69th Independence Day with more zeal. There are many reasons that have generated more euphoria and enthusiasm among the Pakistanis to mark the national day with patriotic fervour this year. After years of turbulence, the country is back on track and its economy is all set to achieve greater heights.
Credit goes to the political as well as military leadership for bringing a smile on the faces of ordinary Pakistanis. The country is politically more stable, economically sounder and militarily stronger as compared to that of the last decade.
When the terrorists were shedding blood of innocent Pakistanis, the leadership took a bold decision and launched the Zarb-e-Azb on June 15, 2014, to wipe out the perpetrators. The decision broke the backbone of the killers of the humanity, resulting in improved law and order situation in the country. This in turn gave a boost to internal and external investments in the country.
The 'Karachi Operation' launched by Rangers has put a smile back on the faces of Karachiites. The residents of the metropolitan city have taken a sigh of relief with a significant decrease in the cases of target killings, extortions, kidnappings and car snatchings. After the operation, the country has witnessed a decrease of around 83 per cent in the kidnapping-for-ransom incidents, 80 per cent in bank robberies, 70 per cent in extortion and 50 per cent in car snatching.
Numbers speak louder than words
Pakistan has announced several mega projects in energy and infrastructure sectors, some with the help of China.
The $46-billion Pak-China Economic Corridor, unveiled by China's President Xi Jinping during his recent visit to Pakistan, will usher in a new era of development and prosperity in the country. The project would create 3,000km long road and rail links as well as pipelines to transport oil and gas to China from the port city of Gwadar. The under-construction project, which is expected to be complete by 2030, is considered a focal point of Pakistan-China economic relations.
Pakistan has a potential of producing up to 60,000 MW of hydroelectric power, of which 40,000 MW is located in a region called the Indus Cascade that begins in Skardu in Gilgit-Baltistan and runs through Tarbela, the site of Pakistan's biggest dam, in Khyber-Pakhtunkhwa.
Work has already begun on the Diamer Bhasha dam, the biggest project identified by the government. The project would require $15 billion for construction and will have a capacity of 4,500MW.
Pakistan has also launched the country's first solar power plant in cooperation with China, which is expected to play an important role in ending chronic power shortages in the country. The Quaid-e-Azam Solar Park in Bahawalpur has started producing 100MW of power, which will be increased next year. The plant was built in a year at a cost of $190 million and is spread over 500 acres in sun-baked Bahawalpur district. The project is a link in an ambitious plan for a China-Pakistan Economic Corridor.
The Gross Domestic Products (GDP) of the county has been showing a significant increase since the PML(N) government took over the charge of the country. Though it missed the target of 2014-15, the growth of 4.24 per cent is not bad. The better law and order situation and investor-friendly policies of the government are contributing immensely to the growth rate.
The surge in the GDP is despite the fact that the country has lost 1 per cent of the GDP or more than $18 billion because of floods in the last 10 years. According to the World Bank report, this amount is equivalent to Pakistan's foreign exchange reserves and more than the foreign exchange remittances sent by Pakistanis working abroad. According to the report, the water reservoirs that store water for agriculture and produce electricity would have gone a long way in giving sustainability to our economic growth.
The year 2014-15 was also a year of growth for Pakistani capital market. This positive performance of the capital market could be attributed to a number of favourable factors, both at the political and economic fronts. Substantial foreign investments in equity markets and declining dollar-rupee disparity played a major role.
Another economic indicator of the booming economy is the surging stock exchange. The Karachi Stock 100-index touched the highest point of 36,000 in August this year.
Other key factors that contributed to the market's bull-run were the government's business-friendly policies, improved macro-economic indicators, including record forex reserve levels, increased confidence shown by international donor agencies, government's energy sector initiatives, significant interest shown by China to invest in Pakistan, and the government's plans and initiatives towards fast-track privatisation.
The foreign exchange reserves, another economic indicator, surged to a record $18.71 billion in June this year that were around $11 billion in 2012-13.
The common man also tasted the fruit of economic stability when the government reduced the fuel prices substantially.
The petrol price that crossed Rs105 per litre in August 2014 fell to Rs75 in June this year. With the decline in petrol prices, the government also decreased the transport fares significantly, providing a relief to the common man.
Pakistan's annual inflation rate fell to 11 years' lowest level of 2.11 per cent in April this year, triggering a significant fall in the prices of essential items. The economic indicators show that Pakistan is all set to become an Asian tiger in the years to come.
At the same time, the sacrifices made by the security forces will not go in vain and a more stable and safer Pakistan will emerge on the world map. The operation Zarb-e-Azb will go the extra mile to make Pakistan safer and secure for new generations.
zulfiqar@khaleejtimes.com 

• Pakistan