Islamabad: Mian Zahid Hussain, Chairman of the Policy Advisory Board of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), lauded Pakistan's economic transformation, marked by impressive macroeconomic indicators for FY24-25. He emphasized a real GDP expansion of 2.7%, a 10% rise in per capita income to $1,824, the nation's initial current account surplus of $2.1 billion in 14 years (the largest in 22 years), a nine-year low inflation rate of 4.5%, and a record 10.24% Tax-to-GDP ratio.

Despite these national accomplishments, Mr. Hussain underscored the vital need to tackle underlying structural issues and guarantee that the advantages reach the general populace. He stressed that the economic revival's legitimacy depends on translating robust macroeconomic figures into perceptible enhancements for all Pakistanis.

He cited the recent surge in Punjab's flour costs as evidence of the gap between national progress and local realities, highlighting the delicate nature of the economic situation. He also pointed to difficulties encountered by the textile industry, like elevated energy expenses and a considerable cotton deficit, jeopardizing its robust export potential.

To maintain this positive trajectory, Mr. Hussain advocated for a strategic emphasis on vital growth areas, including IT, minerals, and value-added textiles, coupled with a commitment to equitable distribution of economic gains. He believes a balanced approach that addresses both top-down reforms and the immediate needs of the citizens is essential for inclusive and resilient economic advancement. The ECC's approval for developing an industrial estate on Pakistan Steel Mills land in Karachi is a positive move towards attracting investment and generating employment.