Students urge rulers to cut expenses

LAHORE : (Friday, November 20, 2009): Punjab University Economics Department's Qazi Fareed Memorial Society organized a seminar-cum-Essay Competition on “Ansterity Economy” at the department's auditorium on Friday. A total 63 students participated in the competition and in the final round eight students read there essays. Vice-Chancellor Prof Dr Mujahid Kamran, former VC Dr Rafique, Chairman Qazi Fareed Society Qazi Hamayun Fareed, Chairman Economics Department Dr Hafeez-ur-Rehman, teachers and a large number of students were present on the occasion.

Sadia Riaz grabbed the first position and won Rs.50,000 price money, while Javaria Butt and Anwar-ul-Haq won 2 nd and third position and got Rs.30,000 and Rs.20,000 respectively. All the students in their essays urged the government to cut it unnecessary expenses and enormous perks and privileges in order to get national economy out of crises.

Speaking on the occasion Prof Dr Mujahid Kamran congratulated the Society Chairman for organizing competition on such an important issue. He said the competition was very productive and informative. He said economics always dominates the world and Pakistan needed experts in this field. He said students could learn a lot through such kind of activities. He also announced revival of Abn-e-Khaldoom Seminar in the department. The seminar had been a tradition of the department but unfortunately it was not being organized for the last few years. He told the students that economy and natural resources, especially oil and gas were very important in the international politics. The IMF, World Bank, Federal Reserve Bank and the world was being controlled by the wealth of small number of families and the US government and force work for this elite class. He said US was the largest consumer of the oil and gas in the world.

Principal Hailey College of Banking and Finance Prof Dr Khawaja Amjad Saeed gave the concepts of “Austerity as a way of Life” and “Prosperity through Austerity”. By quoting example of leaders of various countries he said our government as well as individuals need to cut down unnecessary expensive and adopt simplicity in the life style.

Qazi Hamayun Fared Chairman Qazi Fareed Memorial Society who is also Honorary Counsel General Bangladesh said his father (late) Prof Qazi Muhammad Fareed “Economist” had advocated his theory and suggested to the Government of Pakistan in the late 1960's that for the growth of economic survival of Pakistan, Austerity culture was a pre-requisite. This had to be started from the top to cover entire government/civil society. Unfortunately this could not happen which resulted in economic crises in Pakistan of staggering proportion. Wasteful spending by government in all sections has left the country totally crippled. Considering the present economic crises he has set up “Qazi Muhammad Fareed Memorial Society” at the Department of Economics University of the Punjab Lahore with the help of Dr Hafeez ur Rehman Chairman Department of Economics and supported by Vice-Chancellor Dr Mujahid Kamran. The aim os this society is to organize such seminars make people aware of advantage of “Austerity Economy”. He said in addition to the Gold Medal at the Economics Department University of the Punjab , Hailey College of Banking and Finance he announced another gold medal for the first position holder in M.Phil.