Cars: In August 2018, a complete of fifteen,389 units were oversubscribed. In August 2019, only 9,126 units were oversubscribed. Sales area unit down by a hefty forty %. Corolla’s sales area unit down fifty eight %; Honda Civic is down sixty eight % and Suzuki Wagon is down seventy one percent. Honda, Indus and Suzuki directly use ten,000 and with employment number of eight times for each direct job the automotive vehicle sector as an entire employs eighty,000 United Nations agency reciprocally give for 536,000 (with a median family size of half dozen.7).
Trucks: In July-August 2018, a complete of one,199 units were oversubscribed. In July-August 2019, solely 648 units were sold; a sales decline of forty six %. Busses: In July-August 2018, a complete of 217 units were oversubscribed. In July-August 2019, solely a hundred and sixty units were sold; a sales decline of twenty six %.
Tractors: In July-August 2018, a complete of seven,831 units were oversubscribed. In July-August 2019, only 5,592 units were sold; a sales decline of twenty nine %. Motorcycles: In FY2018, a complete of two.8 million units were oversubscribed. In FY2019, only 2.4 million units were sold; a sales decline of thirteen %. Resultantly, around fifteen % of the labour force has already been fired with additional on the approach. I hope the govt intervenes before that happens.
Embroidery: In city, around 4,000 embroidery units area unit on the verge of collapse. Resultantly, over two hundred,000 staff are going to be left unemployed. I hope the govt intervenes before that happens.
Petroleum products: In July-August 2018, we tend to foreign one.7 million tons. In July-August 2019, our imports stood at zero.9 million tons; a decline of forty six %. this can be the foremost definite sign of a pointy holdup if anyone was still searching for one.
Has this ever happened before?
Textile: In July-August 2018, we tend to exported product value $2.2 billion. In July-August 2019, our exports stood at $2.3 billion; a growth of two.3 percent. the advance within the accounting deficit and also the a pair of.3 % increase in textile exports area unit the sole excellent news to report.
The very dangerous news is that 1,000,000 have already lost their jobs over the past twelve months-and if things continue an equivalent approach an extra million could lose their jobs within the following twelve months. the opposite dangerous news is that around 5 million Pakistanis are pushed below the road of poorness over the past twelve months.
Here’s what must be done: Asian country is dynamical company tax by a hefty ten % to stimulate employment. we tend to have to be compelled to do an equivalent – cut company tax rates (we have one in all the very best company tax on the face of the planet). Next; interest rates should even be slashed to stimulate employment. Our prime priority straight away have to be compelled to be employment stimulation.
The writer could be a editorialist based mostly in Islamabad.