pakistan informal economy the way forward essay

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Pakistan’s Informal Economy: The Way Forward CSS ESSAY 2020

Table of Contents

Thesis statement

The informal economy in Pakistan presents both challenges and opportunities, and a strategic approach is needed to harness its potential and address its drawbacks.

Introduction

The informal economy refers to economic activities that operate outside the legal and regulatory framework, often characterized by unregistered businesses, casual employment, and limited social protection. In Pakistan, the informal economy plays a significant role in employment generation and income generation, particularly for marginalized groups. However, it also presents challenges in terms of legal recognition, social security, and tax compliance. This essay explores the opportunities and challenges of Pakistan’s informal economy and proposes strategies for harnessing its potential for sustainable development.

Exposition: Understanding Pakistan’s Informal Economy

The informal economy in Pakistan is characterized by its large size and diverse nature. It encompasses a wide range of activities, including street vending, home-based work, small-scale manufacturing, and agriculture. The informality is fueled by factors such as limited access to formal employment, weak regulatory enforcement, and the informal social networks that facilitate economic transactions. Despite its prevalence, the informal economy faces limited legal protection and operates in a vulnerable environment.

Argumentation: Challenges of the Informal Economy

The informal economy in Pakistan faces several challenges that hinder its potential benefits. Firstly, informal workers lack legal recognition and protection, leading to exploitative labor practices and limited access to benefits such as minimum wages, social security, and occupational safety. Secondly, the absence of formal financial inclusion restricts access to credit and savings, hindering investment and growth. Thirdly, the informal sector’s contribution to tax evasion deprives the government of vital revenue, limiting public investment in infrastructure and social services. Lastly, the informal economy can create an uneven playing field, impacting the formal sector’s growth and competitiveness.

Argumentation: Opportunities and Benefits of the Informal Economy

Despite the challenges, the informal economy in Pakistan also offers opportunities and benefits. Firstly, it serves as a significant source of employment and income generation, absorbing surplus labor and providing livelihoods for individuals who lack formal employment options. Secondly, the informal sector demonstrates flexibility and adaptability in response to economic shocks, allowing for resilience and survival in times of crisis. Thirdly, the informal economy contributes to poverty reduction by providing opportunities for income generation and livelihood sustainability. Moreover, it acts as a breeding ground for entrepreneurship and innovation, fostering economic dynamism and creativity. Lastly, the informal economy presents avenues for economic integration and inclusive growth by providing linkages with the formal sector.

Description: Strategies for Harnessing the Informal Economy

To harness the potential of Pakistan’s informal economy, a comprehensive and strategic approach is needed. Firstly, formalization initiatives should be implemented, including simplified registration procedures, tax incentives, and legal protection for informal workers. Secondly, enhancing access to social protection and welfare programs, such as healthcare, retirement benefits, and insurance, is crucial for improving the well-being and security of informal workers. Thirdly, promoting financial inclusion through the expansion of formal banking services, microfinance, and digital payment systems can provide access to credit, savings, and financial tools for informal entrepreneurs. Fourthly, investing in education and skills development programs tailored to the needs of the informal economy can enhance productivity and enable upward mobility. Lastly, fostering collaboration and coordination between formal and informal sectors, such as supply chain integration and subcontracting arrangements, can create synergies and facilitate the gradual transition to formality.

Narration: Success Stories and Case Studies

Several countries have successfully integrated their informal economies, providing valuable lessons for Pakistan. For instance, India’s National Rural Employment Guarantee Act (NREGA) guarantees a minimum number of days of employment for rural workers, ensuring income security and poverty alleviation. Brazil’s Bolsa Familia program provides conditional cash transfers to low-income families, improving their social and economic conditions. Closer to home, the Punjab Small Industries Corporation (PSIC) has facilitated the formalization of small-scale industries in Punjab, promoting access to finance and market linkages.

Pakistan’s informal economy presents both challenges and opportunities. While the informal sector provides employment and income opportunities for many, it also faces issues related to legal recognition, social protection, and tax compliance. By implementing targeted strategies, such as formalization initiatives, enhanced social protection, and financial inclusion, Pakistan can harness the potential of the informal economy for sustainable development. It requires the collaboration of policymakers, stakeholders, and society at large to recognize the importance of the informal economy and work towards creating an enabling environment that fosters its growth and integration. Through these efforts, Pakistan can pave the way forward towards a more inclusive and resilient economy.

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Pakistan Informal Economy A Way Forward CSS Essay

The post is about “Pakistan’s informal economy a way forward essay. Pakistan economic challenges; a way forward. What is an informal economy? Pakistan’s informal economy.”

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The current economic crisis in the country is the result of past governments’ short term policies and their temporary approaches towards economy management in the country. Since 2018, when Pakistan Tehrek-i-Insaf (PTI) has come into power in the country, the economy of Pakistan has seen a severe downturn. Among many factors responsible for the downturn of the economy, one is the highest percentage of informal economy in the country.

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What is an informal economy?

As the name indicates, an informal economy means an economy that is not formal or certified and approved. In more technical terms it means that part of any economy which is neither taxed nor monitored by any organ of the government.

According to Kristalina Georgieva, managing director of International Monetary Fund (IMF), in developing countries informal sector is paramount in general due to its sheer size. Therefore it is important to tackle it down only after measuring it properly.

Agriculture Of Pakistan Notes

Pakistan’s Informal Economy

According to an estimate, informal sector in Pakistan contribute one-third to the country’s Gross Domestic Product (GDP). In Pakistan it is a major source of employment after agriculture but still it is a barrier to inclusive economic growth because it hinders majority of people from accessing to opportunities of equal economic growth and development.

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A Way Forward to Pakistan’s Informal Economy

Though informal sector has absorbed a large number workforce in Pakistan, who otherwise would be unemployed but still it is important to formalize them to make sure equal economic growth and development in the country. In this regard the following steps are noteworthy.

Role of Government Institutions

To mainstream all informal economies, government specialized agencies and organizations should have to play key role. In this regard they might already have a list of such unverified businesses that should be brought into government’s control. They should immediately start with that.

To let the government institutions work efficiently and free of any political influence they should be given all legal rights and control. Organizations would be able to work systematically and well planed if they would be free of all kinds of barrier, either social or political. But this does not mean they should be left totally free. A check and balance in work is necessary.

Natural Resources of Pakistan – CSS Notes

Another important step that government should take is to make sure that officers’ in-charge of mainstreaming the informal economies should not practice nepotism while performing their duties. He should take action against all informal economies and their owners irrespective of their power, position and relations with him (her).

Make a Public Appeal

Like in dams’ construction, when Prime Minister Imran Khan appealed people to contribute economically in the construction of dams and people responded with open hearts by contributing thousands and even million rupees. In the same way Prime Minister should appeal public to verify their economies. Being public ideal, Prime Minister Imran Khan appeal will make a great change. People will respond greatly.

Offer Incentives

Another useful method to formalize informal economies in the country is to offer some incentives to business owners for legitimizing and registering their businesses. To get benefit of incentives people will respond in large number.

Proclamation of Strict Legal Actions

By adopting the above mentioned steps, government would be able to formalize a greater portion of the informal economies in the country easily. Now we will be left with those businessmen who due to some reasons are reluctant to register their businesses. Such economies can only be formalized by taking strict legal actions against them such as fine, imprisonment and punishment.

Simplification of Rules for Legalization

To get enough benefits of the above mentioned steps, the next important step that government should take is to keep the process of business legalization as simple and fast as possible. Lengthy process and demand of unnecessary documents will deter many people from formalizing their businesses and economies.

Assurance of Security

The government should also assure business owners of all kind security for their businesses. In this way people in order to secure their economies and businesses will respond to government call more effectively.

 Informal economies owner care more about their business and gains. By simplification of rules for registration, assurance of business security and provision of some incentives, informal economies in the country can be easily regularized which will ultimately result in the prosperity of country.  

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Today's Paper | March 15, 2024

Informal sector.

THE size of Pakistan’s informal economy is estimated to be as much as 56 per cent of the country’s GDP (as of 2019). This means that it’s worth around $180 billion a year, and that is a massive amount by any yardstick.

The country’s large black economy is inextricably linked to the levels and quality of governance exercised by the state. In the course of fieldwork for my doctoral research for the University of Southampton, I found that many Pakistani women who were setting out starting their own businesses did so in the informal sector. The reasons they gave usually related to their experience of dealing with the bureaucracy and government machinery in Pakistan which they found to be dominated by red tape and tedious and complicated procedures.

This is precisely what drives many people who want to engage in economic activity towards the undocumented economy. The headache of having to deal with a large bureaucracy, of complying with complicated and long registration procedures, of getting approvals and licences from various government agencies and departments make it difficult for most people to operate within a documented framework.

A large black economy is an indication of misgovernance and indicates a failure of the government to ensure that all businesses and entrepreneurial ventures are included in the formal sector. This failure in turn leads to reduced tax revenue collection since all entities outside of the formal economy do not pay any tax to the government.

Pakistan’s black economy is linked to governance.

Given that the size of the black and informal economy is estimated at over half of the country’s GDP, bringing it under the documented net would bring hundreds of billions in tax revenue. Those funds would then be spent on social sector development projects and help the FBR meet its annual revenue collection targets.

The solution is to increase the size of the formal economy and this can be done by making transparent and efficient those institutions tasked with registering and regulating businesses. Instead of harassing businesses and entrepreneurs, agencies like the FBR should act as facilitators and make it easier for new ventures to be registered and come under the documentation net. This would in turn be good for the FBR because achieving the tax collection target would be easier than if they were in the black economy.

Government requirements for new businesses are linked to the general level of governance. A state whose primary aim is to improve the lives of its citizens will prioritise good governance over all other things and will formulate and implement policies that enable this. In fact, such a state will also be able to realise that having such priorities ends up helping it as well, not least because a happy populace is a more economically productive populace.

Unfortunately, in a country like Pakistan, so far, this has not been the case. A multitude of licences and permissions are required from a wide variety of federal, provincial and local government departments to operate a business or a store. Having to comply with all of these requires not only a lot of time on the part of the entrepreneur but also funds for greasing the cogs of the bureaucratic machinery that regulates businesses and commercial enterprises in Pakistan.

The result of this is that a significantly growing number of entrepreneurs, and especially those that happen to be female, are increasingly veering towards the informal sector. This is both good and bad — good because it enables economic activity to take place, and jobs to be created, away from the unwanted glare of government inspectors and officialdom, and bad because the incomes generated from such activity don’t end up getting counted in the national GDP and nor are taxes paid on it.

The size of Pakistan’s informal sector is inversely linked to the quality of governance in the country. The higher the quality the smaller is likely to be the size of the informal sector because better governance means more citizen- and business-friendly measures and policies, ones that encourage entrepreneurs to register their businesses with the government and hence become part of the documented economy. That is welcome because having an accurate size of the documented and legal economy allows for more effective policy and decision-making with regard to the macroeconomy as a whole.

Resistance is likely to come from the entrenched bureaucracy because it stands to lose the most when this kind of change happens. It is very much in the interest of the state to institute policies that make it easier for businesses and entrepreneurs to become part of the documented economy and which facilitate their operation and growth because that fosters GDP growth.

It is time that the political parties in charge of running the centre and the provinces understand the benefits of this and help realise this much-needed change.

The writer is assistant professor of economics at IBA, Karachi.

[email protected]

Published in Dawn, March 4th, 2021

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Advancing social justice, promoting decent work

Ilo is a specialized agency of the united nations, informal economy in pakistan.

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Resolution concerning decent work and the informal economy.

01 June 2002

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Writing for Dawn, author Dr. Abdul Wahid explains that the informal sector has become a significant contributor to Pakistan’s economy, adding approximately $661 billion, equivalent to 35.6% of the country’s GDP. 

According to the International Labour Organisation, this sector employs 75% of the rural workforce and 68% of the urban workforce. However, the informal sector is fraught with issues such as child and bonded labor, gender-based discrimination, and workplace insecurities.

This sector comprises small and medium enterprises (SMEs), which include self-employed entrepreneurs, small businesses, informal associations, and street vendors in agriculture and micro-enterprise setups. These businesses tend to be more resilient to economic downturns, making them an essential component of Pakistan’s economy. Despite its significant contribution to the economy, the informal sector creates financial vulnerabilities for formal businesses.

The Growth Enterprise Market (GEM) board of the Pakistan Stock Exchange (PSX) was established to provide a sub-market for SMEs and high-growth companies looking to go public. This board is similar to the Alternative Investment Market established in London by the London Stock Exchange in 1995 to provide a platform for SMEs, business startups, and incubates to raise capital and for investors to access returns from small businesses.

The GEM board in Pakistan has less stringent listing criteria and regulations compared to the main board of the PSX. However, to date, only three SMEs have made it to the GEM board, namely Pak Agro Packaging Ltd, Supernet Ltd, and Universal Network Systems.

One of the reasons for this is the low investor participation in Pakistan’s formal sector. Only 0.3 million accounts are registered with the National Clearing Company of Pakistan Limited out of around 57.5 million bank accounts, indicating less than 0.5% investor participation at the PSX forum. Moreover, the informal sector’s regulatory burden is less stringent than that of the formal sector, leading to investor participation in avenues such as real estate property pricing bubbles, higher forex trading returns, and inflationary pressure.

The Imran Khan-led government launched a construction amnesty scheme to promote housing, generate jobs, and fill the gap of millions of housing unit shortages. Since 2018, the average per square feet price has increased from Rs3,300 to 7,000, resulting in 26% returns per annum in open plots investment in Islamabad. This scheme has doubled real estate prices in other cities, such as Karachi, Lahore, Peshawar, and Faisalabad, and shifted the investment chunk toward the real estate sector, leading to industrialists shifting their attention to the real estate sector.

Similarly, the gold price has increased significantly, from Rs56,200 per tola in December 2017 to Rs 201,000 per tola, leading to more than 50% return per annum in gold investment. The exchange rate of rupees to the dollar has also increased from Rs110 to a dollar on 14 Jan 2018 to Rs278, resulting in an average of 30-35% returns per annum.

On the flip side, the KSE-100 Index provided compounded annual returns of 14.55%, and industrial profit was recorded at less than 15% per annum. The inflation rate in 2018 was 5.08%, and now it is above 30%. If the inflation-adjusted returns per annum are calculated, it can be said that the real return an investor receives in the formal market and industrial setup is negative.

Moreover, Pakistan already has one of the highest income tax rates in the world for corporations, further decreasing the wealth of formal sector investors. Consequently, since 2013, more than 200 companies have been delisted from the PSX, and only 526 companies are listed on the main board. 

In conclusion, Pakistan’s informal sector plays a crucial role in its economy, providing jobs and contributing significantly to the GDP. However, the lack of investor participation in the formal sector and stringent regulatory burden make it less attractive for SMEs and high-growth companies to list on the GEM board of the PSX. 

This has resulted in a shift of investment towards real estate, gold, and forex trading, leading to a negative impact on the formal sector and industrial setup’s real returns. The government needs to address these issues by providing incentives for investor participation in the formal sector and reducing the regulatory burden, leading to a more inclusive and sustainable economic growth path for Pakistan.

To read the full article visit www.dawn.com

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CSS/PMS ESSAY: PAKISTAN'S INFORMAL ECONOMY: THE WAY FORWARD

 OUTLINE:

• Introduction 
• What is meant by Economy, its scope & extent
• Historical Background of Pakistan's Economy
• Current status of Pakistan's economy
• To what extent , it's true that Pakistan's economy is crippling owing to informal economy? yes, it is true, because:
• major part of economy go unrepresented
• black market is getting its place without positive future perspective
• putting dent on the Pakistan's representation
• seeping the revenue generations instead strain on the exchequer 
• helping the people to involve in non-state activities
• increasing the double digit inflation
• aiding in vicious circle of circular debt
• stressing to put extra tariff on trading with neighbouring countries
• not representing the role being played by agricutlural and cottage industry
• threatening and aiding non-state actors to involve in terror financing
• resistence by the local traders
• loopholes in the current financial system(continous practice of Hundi & Hawala)
• undocumented indutries at large 
• no state owned database except NADRA
• no culture of accountability
• Central & federal board of revenue is not strong
• monetary bodies i.e. SECP & State bank is at fault
• everyone above the law
• financial transactions to sponsor terrrorism
• no tax / revenue generation
• state is getting weaker
• Rampant corruption
• no tracebility of transactions
• FATF Task Force
• Regular sharing of data by the Bank with Revenue Board 
• Anti- Money Laundering Act has been passed 
• Cyber Crime act has been formulated for E-commerce 
• Strengthen monitoring bodies
• Employ more financial Task Force Team
• Autonomy for NAB
• Implementation of exisiting laws
• Strict boarder control to to contain black marketing
• Utlilize & Syndicate the role of NADRA with other departments
• Impose high tariff on the imports of luxuray items
• Make Landrecords & Local government bodies into functions

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