The government has launched a new five-year economic transformation plan called “Uraan Pakistan: Homegrown National Economic Plan”, with the aim to give a big push to the national economy. The plan is designed to tackle key economic challenges through a targeted framework dubbed the “Five Es” — Exports; E-Pakistan; Equity and Empowerment; Environment, Food and Water Security; and Energy and Infrastructure. The overall objective is to achieve a sustainable GDP growth of 6pc by 2028, creating one million additional jobs annually, securing additional $10bn private investment per year and hitting an export target of $60bn by FY2028.

Addressing the inaugural event, PM Shehbaz said: “This is just the beginning of a long journey which would entail sacrifice, blood and sweat to achieve economic growth and find our lost place among nations.” The premier said achieving growth required everyone to come together to work and march forward with “unity of thought and action”. The prime minister explained the challenges his government faced on the economic front when it came into power and said the country was forced to go for another programme with the International Monetary Fund (IMF).

While the export component of the plan envisages key sectors like IT, manufacturing, agriculture, minerals and the blue economy playing an important role, e-Pakistan envisions a thriving freelance industry, a sophisticated startup ecosystem and AI framework, and increased mobile connectivity. The environment and climate change strategy focuses on reduced greenhouse gas emissions, increased water storage capacity and cultivable land, and enhanced disaster resilience efforts.

The government also aims to ensure affordable and reliable energy by increasing the share of renewable energy to 10 percent. Crucially, the goals under ‘equity and empowerment’ focus on universal health coverage, higher literacy rates, empowering women and youth, and ensuring good governance and justice for all. ‘Uraan Pakistan’ sets some highly ambitious goals — turning Pakistan into a trillion-dollar economy by 2035, increasing annual exports to USD 60 billion by prioritising key sectors and  achieving a sustainable GDP growth rate of six percent.

But experts have expressed doubts whether the government has the capacity to achieve the goals outlined in the plan. They have also raised questions whether the rulers have  the will and courage to address widespread structural challenges that have long afflicted the economy. There is logic behind the questions because many of those in the present set-up who have formulated the new plan have been in power before for long stretches of time but did little to kickstart the economy previously.

The plan looks attractive on paper, but the real test will be how honestly and earnestly it is executed on the ground. Will the long overdue structural reforms be undertaken so that collective well being gets priority over the vested interests of powerful groups who from behind the scenes influence and control policy making. An example of this is the feudal lobby which has so far successfully resisted all attempts to bring agricultural income within the axation fold. Over the years we have seen how despite growing understanding about  what ails the economy and recommended solutions from experts, the government

has not yet undertaken the crucial task of overhauling the national economy.

Needless to say, successive governments have miserably failed to manage the economy over the past several decades. Now Uraan Pakistan offers a new opportunity to make amends for the past mistakes and failures. It outlines a comprehensive plan for economic rejuvenation but the question is whether the authorities concerned have put in place a meticulously worked out implementation mechanism for the same. As they say, to plan something on paper is easy but executing it on the ground is the real test. For this initiative to succeed, it is vital to establish an enabling environment and put together a competent and dedicated  economic team to take necessary action to achieve results within a given time frame.

As pointed out by some experts, although the five-year plan has rightly identified the potential growth sectors, it has not outlined an  effective implementation strategy and the necessary process through which to reach the desired goals. The plan has also been criticised for lacking a central philosophy and focal point. To overcome this lack it has been suggested that without any further delay a process of overdue structural and institutional reforms should be started because in the ultimate analysis it is the existing institutions and organisations which will be responsible for delivering results in their respective sectors.