Dr Hafiz Pasha speaks at FCC
On 4 November 2013, Lucas Economic Society arranged a talk by former finance minister Dr Hafiz A Pasha. Dr Pasha gave his expert opinion about the economic scenario of Pakistan talking particularly about “Inclusive Growth.”
Dr Pasha started the talk on a lighter note by remembering those good old days when he himself was a proud part of Forman Christian College recalling his educational experience and golden memories.
He defined inclusive growth as one where the benefits of growth trickle down and include various strata of society. He firmly believed that the robust economic growth during Ayub Khan’s era was not inclusive. The growth were concentrated in the infamous 22 families causing concentration of wealth in a congested circle. The Bhutto era in the 1970’s crafted policies for inclusive growth. A clear focus on bolstering the agriculture sector, rural development programs and other steps are needed to bring in a semblance of inclusive growth.
Dr Pasha being a seasoned economic analyst presented four crucial factors required to promote inclusive growth phenomena in order to check unequal and unjustified distribution of wealth and rapid consumption of already scarce resources. “Planned and strategic development in each and every sector including all government and public institutions by increasing the number of people in the tax net,” he added. According to him the labor intensive sector in the economy should be preferred so that the unemployment rate also decreases and the income that increases also is carried out in the lower strata of the society.
During his lecture he also shared his experience of serving as finance minister during the reign of Bhutto. In continuation of which Dr Pasha candidly talked about his conversations with different renowned politicians, including our recent prime minister Nawaz Sharif and KPK’s Chief minister Imran Khan when they were struggling during the elections.
It was an over whelming experience to host an old Formanite and to interact with the recent Formanites and invoke awareness and motivation in them.