Pakistan’s consumer financing moving in right direction

Pakistan’s consumer financing moving in right direction

  • Under Imran Khan’s leadership Pakistan has a bright shining future

Interview with Mr Farooq Dadi — a renowned businessman

Profile:

Mr Farooq Dadi is a renowned businessman and a socio-political/economic analyst based in Karachi. He regularly gives his analysis on different TV channels. He is a well-known social person in the business community and other services organisations i.e. Rotary etc. to serve the community with true means. He is an active member of Polio Eradication Programme in Pakistan.

PAGE: What is your take on consumer financing?

Farooq Dadi: Consumer financing is improving in the wake of the current government policies, which is the evidence of the public trust in the PTI government leadership and their policies. One billion US dollars machinery is under import to enhance and expand our industries especially the textile sector. Assembly of automobiles of foreign brands locally, betterment in the IT sector etc. augur well for the economy of Pakistan. As far as electronic items are concerned, Pakistan has better opportunities and the consumer financing is going to be even robust in the days to come. Samsung brand cellphone has started assembling in Pakistan at large scale and now they are planning to manufacture Samsung LED TV in Pakistan. Foreign brand electric cars, electric rickshaws, motorbikes etc. are setting up their plants to manufacture locally and then export to different countries. Some of them have started their production and others are in process. Based on the above developments, it could be anticipated with confidence that consumer financing is going to get a tremendous boost going forward.

PAGE: How would you comment on the surge in the sales of electronic appliances irrespective of the downturn in the global economy?

Farooq Dadi: Pakistani economy is growing despite the pandemic. People are earning due to large scale manufacturing which was at 15 per cent during the preceding fiscal year. New employment opportunities are being created in many sectors. As per policy, our farmers are getting their payment of the crops on time. Furthermore,enhancement in the support prices for various crops by the government will result in the betterment of our agriculture sector. The increase of electronic items’ purchase is one of the reasons of all this.

PAGE: Your views on the government support for the electronic products?

Farooq Dadi: Government is encouraging the manufacturing and assembly of electronic items in Pakistan in order to create more jobs and to save foreign exchange. Earlier our previous governments’ policies were to import mostly finished products and also they increased custom duties on raw materials as a result of those policies most of these industries started importing finished goods and marketed with their own label as a result they fired 90 per cent of their workers, which resulted in massive unemployment. Imran Khan’s government took immediate actions and increased duties on finished good and decreased duties and exempted duties on certain raw materials to boost our industries in order to create more jobs and save foreign exchange.

PAGE: Your views on consumerism in the given circumstances:

Farooq Dadi: At present we are suddenly facing our Pakistani rupees declining against dollar due to various factors but still I am very optimistic about the good future of our economy due to all the long-lasting projects, which will turnout in shape of good economy of Pakistan in the future. Our previous governments had plans to default Pakistan in order to please their foreign masters and to save and protect their billions of dollars’ illegal property abroad. International establishment’s prime agenda is to default Pakistan economically to capture Pakistan’s nuclear programme and to wind up CPEC to keep China away from the Indian Ocean. Present government of Imran Khan has managed very well in terms of economy, foreign policy, local expansion of industrialisation, providing low cost housing to low income people, easy loans to businesses people, better policies for farmers etc. At present, post pandemic crises are being encountered throughout the world. Pakistan is also facing some economic crises, hopefully soon Pakistan will get rid of these on-going temporary crises. I look forward to a bright shining Pakistan ahead in the near future.

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