Pakistan, Jan. 11 -- Pakistan's much-touted telecom renaissance (the 600 MHz spectrum auction, the promise of 5G roll-out, and a supposedly burgeoning digital economy) is shaping up as a classic case of reaching for castles in the air. Technology ministers and policy mandarins speak in grand terms about transformative connectivity and next-generation services. However, their noble intent cannot make light of the glaring reality on the ground that points to repeated instances of government squandering rare policy windows through half-baked designs and a chronic misreading of consumer and investor sentiment.

A major spectrum auction is now pencilled into the official calendar, billed as the largest release of airwaves in Pakistan's history...