Masoud Naqvi, Member, TRIC made a detailed presentation on action plan to reduce the quantum of the underground economy in Pakistan. It was recommended that a high level committee be set up and an action plan be prepared on a priority basis with measurable and identified issues and actions with specific responsibilities or responsible agencies and co-ordination agencies. He stressed that the project may be launched on urgent basis with a view to successfully fight the informal economy with efficient monitoring. The action plan should be monitored and evaluated by the high level committee for the fight against the informal economy.
The committee was also informed that initial task will be to determine the reasons for the informal economy and identify actions to capture informal economy in the formal sector. The action plan be initially developed for a period of three years with an objective to minimise the size of the informal economy by at least 30 percent. He also stated that success of the fight against the informal economy is possible with the continuous, resolute and focused monitoring of the fight as a state policy and the high level committee to review the Annual Performance and modifying the strategic actions based on the recommendations of the committee for monitoring and steering. The Executive Committee would be responsible for monitoring the rate of various co-ordination agencies and to achieve the desired targets. The need to start this important initiative was agreed. After thorough deliberations it was decided that in the light of recommendations a detail note for Finance Minister may be prepared suggesting committee and co-ordinating Ministries in May, 2017.
Copyright Business Recorder, 2017