By Zubeida Mustafa
Source: Dawn
PAKISTAN is a bundle of contradictions and it is difficult to make out what the finance managers want from the people. On the one hand, they are constantly complaining that Pakistanis are not in the habit of saving and the country’s saving rate is deplorably low.
The website of the Pakistan Savings Organisation carries a saying of the Quaid-i-Azam exhorting the people to save and invest in saving certificates. “Thrift as a national asset is going to play an important part in the building up of the state,” the father of the nation had said, we are told.
On the other hand, we have our policymakers attempting to pay homage to the market economy. To sustain it they feel the urgent need to give a fillip to consumerism. The attractive credit schemes — they are not necessarily attractive but are made to look so — only encourage profligacy with the state’s blessings. After having bought a car with a loan from a leasing company or a house with a bank loan which he can hardly afford and trapped in the debt cycle, can you expect the poor man to follow the Quaid’s dictum to buy certificates? The numerous shopping plazas coming up also confirm that the government’s strategy of encouraging the consumerist craze and giving a boost to the economy with demand driven growth is succeeding.
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