People's Charter of Economy
What is to be done?
Audit all privileges and subsidies provided to elites. The cost of these subsidies is Rs2,660 billion rupees per year according to UNDP.
Break up the political and economic power of the real estate sector. Increase tax on land, including capital gains tax on value. Audit housing societies to discourage frivolous schemes that fuel speculation and divert productive resources to the land market.
Introduce rural land reforms to break monopolies of rural landlords as well as challenging the power of the Sugar cartels in order to align agriculture with Pakistan’s domestic food needs.
Audit annual privileges given to the corporate sector. Remove needless subsidies and make any privilege contingent on strong implementation of labour and environmental laws.
Remove Rs257 billion subsidies provided to military-run businesses. Undertake an audit of the combat and non-combat defence expenditures of the military to lower costs.
Introduce stringent regulation for banks. Divert credit to productive investments in industry and agriculture.
Increase minimum wage to a living wage. Ensure full implementation of labour rights including the right to unionize, and social security cards for all workers.
Divert privileges to increase social protection programs that are currently at Rs624 billion, four times less than the privileges accorded to the elites.
Create a green fund to transition from fossil fuels to renewable energy, ensure safe water to all citizens, build public transport and increase the share of renewables in the national grid. This would end oil dependency and open job opportunities in the construction industry.
Increase the education and health budgets to at least 6 percent of the GDP.
Establish a credible Housing for All program through mass public housing initiatives, which build vertically and does not involve the theft of peri-urban farmland that feeds the cities.
Create a developmental state by creating a robust public sector, with the clear goal of raising living standards of the most marginalized segments of society.
Trade and investment policy must be submitted to a well-defined industrial policy. Foreign investment should only be encouraged in productive sectors of the economy that help in the development of exporting sectors.
Renegotiate contracts with IPPs to make them fair to consumers and investors in Pakistan.
Initiate an audit of internal and external debt with the IMF, particularly the debt incurred by military dictators to participate in America’s wars. Join global campaign for removal of odious debt for Third World countries.