As Pakistan marks its 78th Independence Day, we are called to celebrate not only the birth of a sovereign state but also to reflect, honestly and urgently, on the unfinished business of our independence: economic freedom.

For while flags will fly and anthems will rise this August 14th, the sobering reality remains that true independence continues to elude us — not for want of patriotism or potential, but for lack of economic self-reliance, policy clarity, and structural reform.

Today, the average Pakistani citizen is burdened under the weight of rising costs, stunted wages, and dwindling opportunities. Our economy continues to rely heavily on external debt, concessional aid, and remittance-fuelled consumption.

The vision of an independent, self-sustaining Pakistan — one that was so passionately articulated by Quaid-e-Azam — remains hostage to our inability to transform political will into bold economic choices.

Nowhere is our economic entrapment more obvious than in our energy sector. Pakistan has among the highest electricity tariffs in the region — averaging around PKR 50 per unit for residential consumers as of mid-2025 — largely due to capacity payments, inefficiencies in transmission, and the perennial monster of circular debt, which has ballooned to nearly PKR 2.4 trillion.

In the petroleum sector too, a distorted pricing mechanism, excessive taxes, systemic leakages and reliance on expensive imported fuel have distorted both consumption and investment decisions. Our taxation regime is similarly punitive and misaligned. Over 60 percent of tax revenue is collected through indirect means, disproportionately impacting the........

© Business Recorder