Nationalisation policy was wrong: Prof

ISLAMABAD: Ameer of Markazi Jamiat Ahle Hadith Senator Prof. Sajid Mir has said that nationalisation policy was wrong that inflicted heavy losses on the economy.

All the units nationalised must be privatized while government should not spend billions on monthly basis to keep loss-making entities alive. Rather that money should be spent on the welfare of masses. Prof. Sajid Mir said this while talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW). He said that institutions that are kept alive artificially should be sold forthwith and money should be used for welfare and infrastructure development to boost the economy.

Lauding the operation against terrorists, he said that it has infused confidence in the business community and underlined the need for justice in all walks of life without which country will not attract investment. He said that FBR should not put burden on existing taxpayers to cover shortfall and expand tax base so that country is not forced to carry begging bowl repeatedly.

At the occasion, Dr. Murtaza Mughal said that some of the policies are contrary to the ground realities. Erosion in value of local currency will benefit some exporters but damage economy and masses. It will make imports costly, trigger inflation and promote dollarization of economy which is against national interests. He said that dollar should be brought down to the level of Rs 104 immediately.