Need fiscal policy committee
Apropos of Madan Sabnavis’s recent column ‘Should we have a fiscal policy committee?’ (FE, October 3), a fiscal policy committee (FPC) is indeed the need of the hour. It was well-said by Sabnavis that India has to have a structure to monitor its budget process. As we have the quarterly monetary policy review system, there is also a need to have a similar review of our fiscal policies. The only concern is it shouldn’t get politicised: the opposition shouldn’t question just for questioning’s sake. We have seen a wonderful collaboration between RBI and the central government to bring inflation under 6% in 2016—this will be aided by the monetary policy committee (MPC). Similarly, an FPC can help set and achieve a realistic fiscal deficit target. FPC, along with MPC, will improve our planning and also make for better management of the budget—this will help us strengthen our economy.
Pak citizens must lead change
Two factors that determine the credibility of any nation are the quality of its governance and the kind of human resources that it possesses, in terms of how responsive it is to the economic developments taking place around. In the case of Pakistan, most regrettably, the quality of governance has been so poor all along, right since its independence, that it has consistently missed the bus and today is so hopelessly placed that it has lost its backbone completely and hence cannot stand on its own legs. Pursuing lopsided policies and losing sight of compelling priorities to be attended to on war-footing have cost the nation dearly. Poor and innocent people, unfortunately, are the victims. Pakistan is still a safe haven for terror and is dangerously fuelling it while even though the consequences are unbearable and unimaginable. Despite repeated warning from countries across the globe to flush out terror from its soil, Pakistan has been in the denial mode and it is difficult to comprehend how it will behave in the times to come and pose nuisance to the entire globe. This has been the story in the past and so is now and if the long past is anything to indicate perhaps it might continue to be the same in the future unless better sense prevails on them sooner than later. India, as a neighbouring nation, is badly affected and is practically left with either little or no option except to learn to live with it. It is here we say that people must exercise their franchise judiciously for ensuring good governance that reflects healthy and vibrant environment around. Terror is humanity’s nemesis. The future of Pakistan lies in the hands of its people as administration has literally collapsed. It is time for them to take charge of the country by way of a referendum.