Islamabad: Pakistan Stock Exchange ke liye 2025 aik ghair-mamooli saal raha, jahan benchmark KSE-100 index mein taqreeban 40 feesad izafa dekha gaya jo khittay ki aksar markets se behtar performance hai. Lekin doosri taraf Faisalabad aur Gujranwala jaise industrial hubs mein band parti factories aur ruki hui looms aik mukhtalif kahani bayan kar rahi hain.
Saal ke ikhtitam par Pakistan aik shadeed tazad par mabni maashi soorat-e-haal pesh kar raha hai—jahan aik taraf Islamabad ka “macro stabilization” ka bayania hai, jisay bain-ul-aqwami idaray sarah rahe hain, aur doosri taraf haqeeqi maeeshat hai jo mehngi bijli aur sakht tax policies ke sabab sakht dabao ka shikar hai.
Hukoomat ke IMF programs ke baad zarmubadla markets mein itminan paida hua, rupay ko istehkaam mila aur mehengai dohray hisson se ghatt kar 5 feesad se neeche aa gayi. Is surat-e-haal mein production ke kam mauqay dekh kar investors ne real estate aur low-return bank deposits chhor kar stock market ka rukh kiya, jis se PSX mein tez rally aayi.
Magar factory floor par manzar mukammal mukhtalif hai. Textile sector, jo Pakistan ki aadhi se zyada exports aur laakhon rozgar ka zariya hai, shadeed crisis ka shikar hai. 2025 ke aakhir tak industrial bijli ke rate 12 se 14 cents per kWh tak hain, jabke Bangladesh, Vietnam aur India jaise muqablaati mulkon mein yeh 6 se 9 cents ke darmiyan hain—jo low-margin industry ke liye seedha “death blow” hai.
Yeh dabao sirf bari industries tak mehdood nahi. SMEs, jo maeeshat ki reedh ki haddi hain, khamoshi se band ho rahi hain. In ki bandish headlines nahi banti, magar yeh business base ke dheere dheere khatam honay ki nishani hai. Saath hi barhti hui migration—engineers, doctors, accountants aur IT professionals ka mulk chhorna—insani sarmaye ka bada nuksan hai.
Maahirain kehte hain ke stock market ki performance bilkul be-maani nahi; maali istehkaam zaroori hai. Lekin sirf asset prices ka barhna taraqqi nahi hota. Aisi bahali jo factories band kar de aur exports ke bajaye exported manpower par zyada inhisar kare, dairpa bunyaadon par khari nahi hoti.
Sawalat ab bhi barqarar hain:
Kya hukoomat sirf lenders ko khush karne walay indicators par tawajjoh degi, ya un mushkil magar zaroori reforms ka intekhab karegi jo mulk ke productive engine ko dobara chala sakain? Faisla abhi karna hoga—warna bohat dair ho sakti hai.
