Current Market Situations

//Current Market Situations

Current Market Situations

It has been almost 9 months since the new government took the charge and introduced new policies over the period of time. It was said that new policies will improve Pakistan’s economy and create new jobs in different sectors like tourism, small and medium enterprises and IT etc. A few steps were taken to bring a change by but apparently policies are not implemented as promised.
Government claimed that bringing the Paypal to Pakistan was underway but as of now, nothing has been done. When asked about this particular scenario, it was said that they are trying. The previous government had expressed its intention to invite PayPal to Pakistan. Their optimism was obvious from the fact that Pakistan was removed from FATF’s grey list and was placed on its whitelist. However, Pakistan has once again been placed on its grey list. Pakistan will have to get off the list, provide supporting infrastructure, and regulatory framework. The government will need to have the necessary legal and financial regulatory framework in place before expecting PayPal to enter the Pakistani market.
Everyone around the world is adopting digital technology rapidly and shifting towards digital currency (or crypto currency). Recently, Opera (web browser) added crypto wallet to the latest version of its desktop browser. On the other hand, Pakistan isn’t making crypto currency legal in Pakistan, claiming it to be a risky form of investment. People are getting arrested for using Bitcoins (a form of crypto currency). No sign of digitizing the system or introducing the crypto currency is to seen.

Government officials said that raise in employment will be seen as they are working on industries like Tourism and IT but yet again, no obvious progress is to be witnessed. New Technologies are not being introduced.
Other than this, court ordered the removal of billboards from the public property across the country without any possible alternative for it. Billboards are a way for the small or medium size businesses to advertise their products and are a source of income for advertising agencies as well. Passing such law with the short notice on removal of billboards has affected multiple industries simultaneously.
It has been 4 years since the cab hailing services were first introduced in Pakistan but ever since no proper law to administer these services has been passed. No taxed were imposed on them. In 2018 it was said that a new tax will be introduced by the name of “Ride-hailing service tax” in the upcoming budget and these services will have to pay tax. Till day, no one has held them accountable for the nonpayment of the taxes. It isn’t just the Careem, Uber or any other cab hailing services for which the government hasn’t introduced a proper law on time but for every new form of business that enters the Pakistan’s market, it takes years to bring that business under a proper law.
Working on the things on a slow pace or not working on them at all can be a hindrance in the country’s progress soon. In today’s world, working on issues at a good pace and taking actions quickly is a necessity.

By |2019-05-04T16:59:33+05:00May 3rd, 2019|Uncategorized|0 Comments

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