The economy of Pakistan has now been facing 6pc high rate of unemployment. It is the need of the crucial time the Government of Pakistan should be engaging this potential mass that makes about 95 million. We have to support this youth in entrepreneurial activities. In order to have low-cost employment creation, we need to start creating small and also medium enterprises. It is a fact that Japan spends $78 per capita for the development of SMEs. Turkey spends $0.53 per capita in their country. But Pakistan spends only $0.01 per capita.
Census of Economic Establishment 2005
It is also according to the Census of Economic Establishment 2005that out of the total 3.2meconomic establishments we had in Pakistan. Just 1.4m were located in rural areas and 1.8m developments were located in the urban enterprises. We have by far now 44pc of economic establishments that have been operating in rural areas. These economic establishments are directly linked up with the lives of 70pc of our rural population.
Solutions to increase rural development
- The government of Pakistan should be giving proper attention to the rural entrepreneurship development.
- It is a fact that Agro-based industry and dairy and livestock businesses in rural areas have massive potential. The government should be coming up with schemes to attract the young breed of all of these potential entrepreneurs.
- We should discourage this practise of youth when they migrate to urban areas to have an income.
- We have to improve processing facilities in the rural areas. It is viewed that 35pc post- harvest losses occur because of the lack of processing facilities.
- The government of Pakistan should be encouraging these kinds of potential businesses in the rural areas. Like dairy farming and honey beekeeping and also and sheep and goat farming.
- We need to take maximum benefit from the Prime Minister Youth Business Loan Scheme (MYBL). This tool can be fully used to promote regional entrepreneurship in the rural areas.
- We should also be taking benefit from the Smeda`s pre-feasibilities.
- It is also the time that all of the Higher educational institutions should also be offering skills programmes. So that students can induct those skills in the rural industry also
We have to push this rural population to understand the concept of self-employment. We have to train them to get technical skills. It is the time that we should make these rural people become successful entrepreneurs. The government of Pakistan should now be supporting entrepreneurship so that the entire Pakistan can also see phenomenal benefits in its economy.