The nation is observing the festive occasion of Eid-ul-Adha with traditional zeal and fervor. This year, it has been generally observed the Eid festivities have been subdued due to adverse economic crisis and record inflation which has burdened the masses.
The rampant inflation – reaching a record 38 percent in May – has kept many people away from even fulfilling the religious tradition of animal sacrifices. The markets attracted smaller crowds and the sellers, who came from far-flung towns and villages, might return with unsold cattle and other animals.
The streets used to be filled with children who spend the whole day with their sacrificial animals. Many middle-class Pakistanis have been unable to perform a sacrifice this year. The purchasing power of the people has diminished as incomes remains constant and inflation is out of bounds. Thus, they have no option but focus on fulfilling their basic needs.
The religious injunction of Hajj – one of the pillars of Islam – has been observed. This year, many Pakistanis were unable were to perform the obligation as it reached record high cost. The price of Hajj increased dramatically and was forty percent higher than the previous year.
For the first time, the government surrendered its Hajj quota to Pakistan. This decision was also taken due to lack of foreign currency as payments were required in dollars and the nation’s coffers were nearly empty. The government even returned the amounts for animal sacrifices as it was unable to make the arrangements.
It can be observed that the economic condition that have inflicted the nation are affecting the observance of religious occasions. People thronged the markets for Eid shopping which now remain deserted. Retail sales have witnessed a sharp drop compared with previous years as shoppers feel the pinch of decades-high inflation.
Food inflation has risen to more than 47 percent and even the wealthier class has been forced to make lifestyle changes to deal with rising prices. This has affected all industries as the rupee has depreciated and real incomes have fallen. The drop in sales has added to the slowing of the economy which has struggled since months due to debilitating cash crunch.
The central bank has hiked the interest to a record high of 22 percent. The growth rate is a paltry 0.6 percent and there is no light at the end of tunnel, except for receiving the next trance from the IMF. This Eid-ul-Azha, we should seeks the blessing of the Al-Mighty to ease our woes.
