I was unable to pen my weekly column last week due to an unfortunate bout of illness. My intention had been to illuminate the positive macroeconomic indicators that have emerged during the year 2024, a testament to the nation's resilience and progress. In this week's column, however, my heart compels me to pay tribute to the legendary classical singer, Ustad Inayat Abid, whose recent passing marks a profound loss to our cultural heritage. Thus, I deemed it fitting to address these two significant and deeply impactful topics, weaving together a reflection on both economic progress and the enduring legacy of a maestro whose art transcends generations.
The year 2024 emerges as a momentous milestone in Pakistan’s economic chronicle, a resplendent testament to the nation’s indomitable resilience, steadfast perseverance, and unwavering resolve to surmount formidable challenges. As the nation forges its path ahead, 2024 bequeaths invaluable insights and a meticulously crafted blueprint for enduring prosperity and sustainable development. This detailed exposition embarks on an exploration of the year’s monumental achievements, the enduring challenges yet to be surmounted, and a visionary outlook on Pakistan’s economic trajectory.
Global financial institutions, including the International Monetary Fund (IMF), the World Bank, and the Asian Development Bank, have expressed a revitalized sense of optimism regarding Pakistan’s economic trajectory. The IMF’s projection of Pakistan’s GDP growth ascending to 3.2% by 2025 is far more than a mere optimistic forecast; it stands as a compelling testament to the nation’s unwavering resolve to transcend economic adversity. The Pakistan Stock Exchange (PSX) stands as a resplendent emblem of economic resurgence in the year 2024. Surpassing the historic threshold of 100,000 points on the KSE-100 Index, the PSX's stellar performance serves as a profound testament to the burgeoning confidence of investors, the reinforced stability of the nation's economy, and the government’s steadfast commitment to fostering an investor-friendly environment.
Inflation, long a persistent source of economic instability and public discontent in Pakistan, witnessed a dramatic and commendable reduction in 2024. Between July and November, the inflation rate plummeted from an alarming 29.2% to a more manageable 7.88%. This remarkable decline has delivered much-needed relief to households across the nation, significantly reducing the cost of essential goods and services. For the ordinary citizen, this reduction in inflation has yielded tangible benefits, including lower prices for food, fuel, and other necessities.
By the close of 2024, Pakistan’s foreign exchange reserves ascended to an impressive $12.05 billion, marking a pivotal milestone in the nation’s journey toward economic recovery. This commendable increase in reserves stems from a confluence of factors, including heightened remittances from the ever-supportive Pakistani diaspora, robust growth in exports, and the implementation of stringent fiscal policies. The government’s proactive measures to curtail unnecessary imports and champion domestic production have further strengthened this upward trajectory. With these bolstered reserves, Pakistan now enjoys enhanced flexibility in managing its external debt obligations while improving its stature on the global financial stage.
Exports experienced a commendable surge of 12.82% during the fiscal year 2024, reaching an impressive $13.72 billion. This robust growth underscores the resilience of Pakistan’s primary export sectors, including textiles, agriculture, and IT services, which have demonstrated remarkable adaptability to evolving global market demands and competitive pressures. Pakistani expatriates contributed a record $14.8 billion in remittances during the fiscal year, marking an extraordinary 33.6% increase. In a momentous fiscal achievement, Pakistan successfully transformed a $944 million budget deficit into a surplus. To invigorate economic activity, the central bank implemented a significant reduction in interest rates, lowering them from 22.5% to 13%. This strategic move has rendered borrowing more accessible for businesses, thereby stimulating investment in key sectors, fostering growth, and generating new opportunities for economic advancement. While economic indicators present a broad vista of progress, the true essence of success is discerned in the transformation it brings to the lives of ordinary citizens.
The year 2024 shall be etched in the annals of Pakistan's history as a transformative epoch, a period in which the nation triumphed over formidable challenges and laid the cornerstone of a brighter and more prosperous future. As Pakistan embarks upon the journey into 2025, the remarkable progress realized in 2024 provides a robust foundation for sustained growth and enduring prosperity. This journey from crisis to stability is not just a story of economic recovery; it is a testament to the collective will of a nation determined to rise above adversity and chart a path toward enduring success.
It was with immense shock and profound sorrow that I received the news of the passing of the illustrious classical singer, Ustad Inayat Abid, on this Friday. His departure marks the end of an era and a monumental loss to the world of classical music. My first meeting with the late Ustad Inayat Abid took place in April 2024 at the office of Senior Editor, Editorial Section, of Nawaiwaqat newspaper, Mr. Saeed Aasi. During our discussion, we extended an invitation to Ustad Inayat Abid to perform at the annual reunion function of the Government College Sahiwal Alumni Association. It was there that I first experienced the enchantment of his voice, a performance so mesmerizing that it captured the hearts of all in attendance, leaving a lasting impression on every soul present.
In the months that followed, our paths crossed several times in Lahore, each meeting deepening my admiration for his artistry and his humility. The last occasion I had the privilege of hearing him perform was later in 2024 at Nawaiwaqat office, during the 70th birthday celebration of Mr. Saeed Aasi. Once again, his melodious voice wove magic, showcasing the depth of his talent and his unwavering dedication to classical music.
Ustad Inayat Abid’s illustrious association with Radio Pakistan dates back to the golden era of the 1970s, a time when millions were enthralled by his spellbinding performances. Yet, he was not merely a performer. He was a guardian of an eternal tradition, infusing life into the ancient melodies that resonate with the very essence of our cultural heritage. His voice served as a bridge between generations, carrying the timeless echoes of our past into the present with unmatched elegance and mastery.
His legacy remains eternal, a beacon of inspiration for countless admirers and aspiring musicians who seek to uphold the grandeur of classical music. May Ustad Inayat Abid’s soul rest in eternal peace and may his family and loved ones find solace in the knowledge that his contributions and artistry will forever be cherished and celebrated by generations to come. His memory will endure as a testament to the beauty and power of his unparalleled talent.
Classical music, a cornerstone of cultural heritage, serves as a timeless testament to the artistic and spiritual depth of a civilization. In Pakistan, this rich tradition faces an existential threat due to a lack of institutional support and recognition. It is imperative that the government undertakes proactive measures to safeguard this invaluable treasure and support the maestros and practitioners dedicated to its preservation. Furthermore, financial aid, pensions, and grants for musicians and their families will provide them with dignity and security, allowing them to continue their artistic pursuits without fear of economic deprivation.
