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Finance
Minister Dr Abdul Hafeez Sheikh has said that deregulation
and liberalization of industry will help increase economic
growth.
He was speaking at a daylong seminar on Pakistan Growth
Policy Program, which was held in Islamabad on Thursday.
The Minister said role of government is very important in
growth policy but it is private sector that should lead the
growth.
He said the deregulation of banking and telecommunication
sector in the country helped achieving a better growth and
profitability and the replication of this experience in
other sectors will increase productivity.
Earlier, in his presentation the Chief Economist of UK’s
Department for International Development Alan Winters said
growth is a private sector phenomenon and the government
should only act as a facilitator.
He said five characteristics determining sustained growth
are exploitation of world economy, macro-economic stability,
high rates of saving and investment, markets allocating
resources and commitment and credibility of the government.
Dr. Alan Winters discussed case studies of India, Uganda,
Chile and Columbia where different factors and policies
especially increasing the tariff rate helped increasing the
economic growth.
Replying to a question, he said the private sector should be
at the forefront of innovations.
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