Business
Too little, too late?
The prime minister’s recent incentives announcement has generated cautious optimism in a demoralised business community that has long watched peers in other countries outperform and outcompete them.
Corporate leaders attribute their weak global competitiveness to a flawed policy framework, arguing that compliant high-performing firms are often penalised by tax authorities through high tax rates imposed on a narrow tax base. Weary of chronic policy reversals, they say the state’s core challenge is to rebuild trust, not through personalised, short-term concessions, but by credibly reorienting the economy around a predictable, rule-based, and business-friendly framework.
The delay in unveiling a comprehensive industrial policy by the government has done little to dispel doubts about the government’s commitment to prioritising industrial activity over trading and speculation, or to building investors’ confidence. There is a perception that the existing policy framework has promoted imports and steadily eroded what remained of the country’s industrial base rather than strengthening it.
Widely interpreted as the first clear signal of a shift toward growth, since Shehbaz Sharif assumed office in 2022 after replacing former prime minister Imran Khan and continuing in power following the 2024 elections, the prime minister recently announced an incentive package for industry and exports.
‘Meaningful recovery will require reversing damaging policies and, more importantly, regaining exporters’ trust via credible long-term commitment’
The measures include a Rs4.04 per unit reduction in power tariffs, lower wheeling charges for industry, a three-percentage point cut in export refinance rates from 7.5 per cent to 4.5pc, and extension of the ‘blue passport’ (previously reserved for senior officials) to businessmen as a symbolic recognition of their economic contribution. For more than three years, the government’s overriding focus on stabilisation, while restoring macroeconomic order, has come at the cost of stifled growth.
Musadaq Zulqarnain, a leading exporter who serves on multiple corporate and official advisory forums, said the package would provide partial relief through lower energy costs, while the 18-month reduction in the Export Refinancing Facility would offer much-needed breathing space to exporters.
“However, far more is required to stimulate sustainable, long-term growth. With limited progress on broadening the tax base, the fiscal burden continues to fall disproportionately on salaried individuals and compliant corporates, an increasingly unsustainable outcome,” he noted.
Mr Zulqarnain also underscored the role of the State Bank, urging it to keep the real effective exchange rate within a stable 99-100 range to contain external imbalances and reduce balance-of-payments risks.
Majyd Aziz, President of the Employers Federation of Pakistan, offered a self-critical view, pointing to risk aversion within the business community itself. He noted that despite decades of incentives and subsidies, exports have grown slowly, suggesting weaknesses in productivity, efficiency, marketing, and over-reliance on external financing. Incentives alone, he argued, cannot compensate for gaps in the export ecosystem.
As for industrial policy, Mr Aziz said a credible framework must focus on sectors with genuine capability, indigenous resources, small and medium enterprises, Special Economic Zones, infrastructure, regulatory simplification, digitisation, logistic rationalisation, and lower taxes and inspections.
Younus Dagha, Chairman of the Policy Research and Advisory Council at Karachi Chamber of Commerce and Industry, supported the package, but considered it insufficient to restore export competitiveness. He argued that heavy, poorly designed taxation has already inflicted lasting damage on exports, including services.
“Meaningful recovery will require reversing damaging policies and, more importantly, regaining exporters’ trust via credible long-term commitment,” he said. That sort of recovery, Mr Dagha stressed, demands an integrated policy framework covering industrial, trade and investment policies.
Khurram Mukhtar, Patron-in-Chief of the Pakistan Textile Exports Association, welcomed the incentives but called them insufficient in scale or design to deliver targeted growth without a stable and credible ecosystem. Frequent policy shocks, he stressed, including retrospective super tax recoveries, abrupt provincial levies and shifting interpretations, continue to erode investor confidence.
He noted that public spending has not been meaningfully rationalised to create fiscal space for export-led growth, while provinces remain misaligned with competitiveness goals. “Short-term relief may lift utilisation, but investment and jobs require 12–24 months of policy stability. Countries that align policy with industry grow exports; those that debate narratives fall behind.”
Dr Khurram Tariq, former president of the Faisalabad Chamber of Commerce and Industry, argued that power tariff cuts and wheeling charges are essentially the same relief repackaged for optics. According to him, the industry already cross-subsidises the power sector. The recent tariff reduction, he said, merely returns a fraction of what is owed to industry under fair accounting.
While welcoming lower interest rates, he termed the move ‘too little, too late’. He also criticised the selective use of data that distorts interpretation and expressed scepticism about the forthcoming industrial policy, calling it heavy on optics but unlikely to restore competitiveness or spur industrialisation amid agile regional rivals.
Published in Dawn, The Business and Finance Weekly, February 9th, 2026
Business
Why slowing down is now a mental health need?
The rise of short-form digital content such as reels, clips, and continuous notifications has reshaped how the human brain processes information, attention, and time.
These formats reward instant reactions rather than sustained thought. Although they offer quick entertainment and information, they also leave many people feeling mentally drained, distracted, and disconnected from deeper forms of engagement.
Co-founder and psychologist at Mindwell Solutions, Namrata Singh Chhetri, sheds light on how constant digital stimulation affects mental fatigue and why slowing down may be more essential than ever.
How has the rise of short-form content like reels changed the way our minds process information and time?
Long lectures, videos, or articles focus on reflection, narrative construction, and sustained attention, whereas short-form content stimulates the brain to quickly determine whether something is ‘worth attention’, scan for immediate relevance, and identify patterns in a matter of seconds.
Short-form content prepares the brain to expect constant novelty. Our perception of time, attention, and even sleep has been subtly changed by short video reels, notifications, and continuous updates. Nowadays, many people claim to be mentally worn out even when they don’t perform any physical labour.
Each reel or clip provides an instant stimulation like a joke, a shock, a tip, a trend, before moving on to the next. Over time, the brain adjusts to this rhythm. Attention spans shorten, patience declines, and anything that happens slowly can become boring or uncomfortable.
Our perception of time also alters as it feels compressed and slippery. Minutes blur together as the brain processes rapid, high-intensity information. This is why many people believe they have ‘lost time’ while scrolling. The mind is active but not meaningfully engaged.
You said many people feel tired despite doing ‘nothing physical’. How does constant digital stimulation contribute to mental fatigue?
Mental fatigue differs from physical fatigue in that it does not require physical activity. Every time the brain makes a decision, changes its focus, or processes information, it uses energy.
Even when the body isn’t, the brain remains active, and ongoing novelty keeps the stress system slightly activated. Because of notifications, messages, and an overwhelming amount of content, the brain is constantly on alert.
Mental fatigue feels worse than physical tiredness. There is no clear endpoint, no time when the mind knows it can fully rest. This constant stimulation prevents deep thought and recovery.
Instead of one demanding task, the brain manages dozens of microtasks such as reading headlines, reacting emotionally, comparing, and responding. People become exhausted at the end of the day for no apparent reason.
What happens in the brain when we slow down or take intentional pauses?
Our nervous systems change course when we slow down. Brain activity changes from a state of perpetual alertness to one of calm, reflection, and creativity. Breathing naturally deepens, stress hormones drop, and the brain starts processing ideas instead of responding to them.
Even short deliberate pauses give the mind a chance to recharge. The brain shifts from threat and task modes, and the nervous system shifts from sympathetic (fight/flight) to parasympathetic (rest/digest) mode.
At this point, new perspectives emerge, emotions stabilise, and mental clarity returns. The brain and body realign. Hence, being slow is an opportunity for recovery rather than a waste of time.
Can doing everyday tasks slowly, like eating, walking, or listening, have a measurable impact on mental well-being?
Yes, doing everyday tasks slowly, like eating, walking, or listening, has a measurable, well-documented impact on mental well-being by supporting emotion regulation, restoring attention, and balancing the nervous system. Slowing down a task requires gentle, sustained attention rather than continuous observation.
As a result, there are fewer stress-related networks, better attentional control, and less mental noise. Brain regions linked to presence and emotion regulation are activated by simple actions such as eating without interruption, moving at a comfortable pace, or paying close attention to someone.
By keeping us in the present, these moments lessen mental overload and anxiety. The brain is reminded by slowing down that there’s no need to constantly rush. Over time, this may improve mood, focus, and mental toughness.
For people who cannot radically change their routines, what are small, realistic ways to introduce slowness into daily life?
Slowness does not require big gestures. Slowness is most effective when it is small, ordinary, and integrated into daily routine. Consider it less as ‘slowing life down’ and more as providing brief pauses for the system to breathe. Even little adjustments have an impact.
Some practical ways to incorporate slowness into daily life include: taking micro-pauses rather than long breaks, going without checking your phone for the first few minutes of the day, eating meals without a screen, and walking the final stretch home without headphones.
Moreover, taking a few deep breaths before opening a new app, allowing silence during short breaks rather than filling each moment with content, and creating a daily endpoint may help.
How can students and young professionals protect their mental health without completely disconnecting from digital platforms?
For young professionals and students, total disengagement is not feasible. The goal is not absence but balance. Establishing boundaries, such as time-limited scrolling, turning off pointless notifications, or choosing when to engage instead of reacting automatically, can help one regain control.
Mental energy is saved when digital tools are used consciously rather than automatically. Following content that informs rather than overwhelms, and scheduling offline time for rest and reflection, helps the mind stay healthy without taking a break from modern life.
Header image: An illustration representing mental health — Totalshape/ Pixabay
This article was originally published on The Kathmandu Post, an ANN partner of Dawn.
Business
SECP gets 5th commissioner
ISLAMABAD: The government has appointed Imtiaz Haider as the fifth commissioner of the Securities and Exchange Commission of Pakistan (SECP), completing the regulator’s minimum strength.
Mr Haider previously served as SECP commissioner from 2011 to 2014 and was managing director and CEO of Islamabad Stock Exchange.
The appointment will enable the SECP to establish appellate benches.
Published in Dawn, February 8th, 2026
Business
Services export surges to $4.76bn
ISLAMABAD: Pakistan’s services exports rose 16.51 per cent in the first half of (July to December) 2025-26 compared with the same period last year, largely on the back of higher proceeds from the information technology sector.
The performance stands in contrast to commodity exports, which have shown uneven movement, as the services sector has posted uninterrupted growth since the beginning of the current fiscal year.
The export of services reached $4.764 billion in 1HFY26, up from $4.089bn over the corresponding period last year, according to data compiled by the Pakistan Bureau of Statistics.
The monthly trends showed that services exports rose by 18.27pc year-on-year in July, followed by increases of 8.41pc in August, 14.85pc in September, 17.61pc in October, 22.26pc in November, and 15.94pc in December. The growth in the export of services is mainly led by telecommunications, computer, and information services.
IT sector drives 16.51pc rise in July-Dec FY26
In rupee terms, exports improved by 18.04pc to Rs1.342tr in 1HFY26, up from Rs1.137tr in FY25. This clearly indicates that export of services is steadily on the rise in the current fiscal year. In December, exports of services reached $935.16m, up from $806.61m in the corresponding month of last year, indicating a growth of 15.94pc. On a month-on-month basis, exports of services grew by 15.84pc.
In FY25, Pakistan’s export of services recorded a growth of 9.23 per cent to $8.39 billion from $7.68bn over the corresponding months of last year. Services exports have grown since February 2024, mainly due to a surge in information technology and other business exports. However, there was a 6.50pc decline in August 2024.
According to data compiled by the State Bank of Pakistan, exports of Telecommunications, Computer, and Information Services reached $2.236 billion in July-December FY26, up from $1.866bn in the corresponding months of last year, indicating a growth of 19.82pc.
The export of other business services recorded growth of 24.87pc to $1.014bn in 1HFY26, compared with $812m over the corresponding months of last year. The export of transport services increased by 0.44pc to $462m in FY26 as against $460m over the last year.
However, the export of travel services grew 19.49pc to $429m during 1HFY26, compared with $359m over the last year. At the same time, the import of services surged by 15.75pc to $6.504bn in 6MFY26 as against $5.619bn over the corresponding months of last year. On a month-on-month basis, the import of services increased by 34.39pc.
Published in Dawn, February 8th, 2026
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