Citizens and entrepreneurs deserve a better deal. Acknowledging deep structural flaws and the need for fundamental reforms, Finance Minister Muhammad Aurangzeb has pledged to make the upcoming budget a strategic document, one that provides clear direction to an otherwise rudderless economy.

Mr Aurangzeb was reported to have remarked in Islamabad last week, “We are going to introduce bold measures; as the budget is not merely about revenue and expenditure, it must also provide direction, reflecting where the economy stands and where it is headed.”

While the statement resonates with the business community, many industry leaders remain sceptical, viewing it as too good to be true. Some are willing to give the government the benefit of the doubt, even as they hold it accountable for stifled growth and, in some cases, mounting losses that have led to unit closures. Others, more cautious and wary of repercussions, declined to share their views publicly. A few, when approached, elaborated on the notion of change, framing it in terms that closely align with their class interest.

In a detailed note on the budgetary direction, the Pakistan Business Council (PBC) outlined key challenges and made a compelling case for reversing what it terms “premature deindustrialisation” in Pakistan.

‘Many of the actions taken by economic ministries are labelled as structural reforms, but in reality, little has changed’

The........

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