The ministry of planning and development on 31st December, 2024, launched a tremendous economic plan__ Uraan Pakistan (2024-29), referred to as the Economic Transformation Plan or the 5Es framework. The plan is a part of the strategy aims to achieve $3 trillion economy by 2047 with primary focus on Export, E-Pakistan, Environment and Climate, Energy Infrastructure and Equity and Ethics and Empowerment. To avert the contemporary challenges, the plan has been devised in stark contrast with earlier ones i.e. Five Year Plan. The “Uraan Pakistan” also aims to revitalize lost recognition of economic giant which the country had earlier earned by virtue of the erstwhile Five Year Plan.
Pakistan in its 60s was reported as an economic giant of the region when its macro-economic indicators were performing stellar and supposed to have been mimicked by some of Asian Peers including Japan, Korea and Malaysia__ now far more ahead. In the economic arena, Pakistan had secured such reputation as a consequence of viable economic policies and its prompt implementation with steadfast commitment of government. Even though resources were limited, and the country was inherited with little monetary assets during partition and few human masteries, their unwavering dedication helped transform the meagre resources into opportunities. This all by virtue of the Five Year Plan.
Pakistan published its first five year plan (1955-60) in May 1956 and officially assented for implementation on 15th April, 1957, after significant revisions. It had a total outlay of Rs. 1080 crore___ Rs. 750 crore for public sector, whereas, Rs. 380 crore to be spent in private sector. It had a target increase of 15% in GDP Growth, 7% in Per Capita Income (PCI), employment to over 2 crore people, irrigation of 30 lakh area of land, 580 KW of electricity and to establish 1500 new post offices. Although, it did not achieve the desired targets, it yielded a GDP growth of 11% over the plan period and 1.6% increase in PCI against its target of 7%. The plan had significant shortfalls attributable to procrastinations in its implementation, lack of experience and administrative inefficiency. In contrast, the 2nd Plan (1960-65) made some startling achievements higher than even its targeted statistics. For instance, the National Income recorded an exorbitant of 38% increase over the plan period against its target of 22% while PCI increased by 14% as against 12%. Besides, Industrial production rose by 61% and production of food grains by 27% against the plan target of 60% and 21% respectively. However, due to at daggers drawn with India in 1965 and seceding of the erstwhile East Pakistan in 1971 had made the plans dramatically contaminated while also triggered lukewarm of the government towards achievements of further plans. Such lackluster was further spurred by the pathetic response of private investors and unenviable policies of the government___ unprecedented hiking in military expenditure.
Although the 5-year plan was to address economic challenges the country was inherited with and to achieve a prosperous economy for the people of Pakistan, the Uraan Pakistan has been devised to resurrect the economy which was once on the verge of bankruptcy and to instill some contemporary demands i.e. E-Pakistan. Such plans are linchpins to prosperity. A better economy means a better nation where citizens refrain from violating laws, commit crimes, bruise females in workplace and keep girls restricted to their homes rather than sending them to get education. For instance, Combodia, a South East Asian Country and a member of Southeast Asian Nations, where literacy rate is 88% and female workplace participation is 74%___ pretty much better than many Asian Peers. In contrast, literacy rate in Pakistan is less than 70% with female workforce participation just 25%, abysmally lower than many regional peers. The economic arena in Combodia is almost equally shared by both males and females. In Pakistan, it is a grim reality where females do not find themselves safe even in government offices let alone private workplaces. Combodia was once on the verge of collapse in 1980s when genocide there was at its acme killing 2 million Combodians, however, their stalwart leaders did not bow down and continued incessant struggle which helped shaped todays Combodia.
In Pakistan such transformation is beyond our sight. Every time the government takes decision whether it is to give economic relief to the people, standard health facilities or free education, it conflagrates the hapless citizens while also compels them to fend for themselves. The apathy of the government couples with its arid ideas has foisted so many choices upon us which has not only retarded the fragile economic growth but also ignited poverty and made human development dormant. The commitment, concerted efforts and incessant struggle of the past retinue as well as government and political leaders, which not only secured foreign direct investment but also opened avenues to private investors, had significantly truncated flying of brain drain. While such plans had been dormant for more than a decade, the Uraan Pakistan has now rekindled hope of a prosperous economy and a sustainable future with augmented focus on job opportunities.
By Muhammad Anas, Peshawar.
The writer holds Ms. Finance from IMSciences, Peshawar.
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