THE Urran Pakistan project aims to cut greenhouse gas emissions by 50% over the next five years while expanding cultivable land by over 20% and increasing water storage capacity by up to 10 million hectare feet. It envisions raising the share of renewable energy to 10% and reducing the poverty rate to 13%. Large-scale development projects through public-private partnerships will ensure public participation. A key focus is boosting exports to 60 billion dollars annually, alongside raising the GDP growth rate to 6%. The freelancing industry in information technology is projected to grow to five billion dollars, supported by the annual production of 200,000 IT graduates.
Urran Pakistan is in a way a roadmap of economic journey in which along with the determination of the way forward, guidance is also given in many matters including the destination. It is good that in this way, a broad-based commitment like “Covenant Economy” also comes out, which will further strengthen the hope of good days of the nation suffering from problems for years. In the past, five-year plans also brought good results, but later there were situations in which such programs could not be implemented, while there are countries in the world that have economic, strategic, global and internal strategies for a period of more than a hundred years.
The situation demands that reconciliation efforts be considered with the country’s interests in mind. It is crucial to take steps that shield the middle and poor classes from additional hardship while implementing measures to support them. For the nation to advance, the elite must be prepared to make sacrifices. Reconciliation should remain a priority, ensuring that economic burdens do not disproportionately fall on vulnerable segments of society. If progress is the goal, shared responsibility and equitable policies must guide the way forward.
The current government has overcome many challenges and difficulties over the past nine months, achieving economic stability. This journey of success can progress even faster if opposition parties also extend their support. Cooperation from all sides is essential for the success of ongoing discussions. The current spirit of collaboration between the government and institutions is having a positive impact, and may this partnership continue. The newly introduced plan spans five years, with the Urran Pakistan Plan set to position Pakistan among the world’s leading economies within the next three years. No obstacle should be tolerated in the path of economic development. The Pakistan Stock Exchange is at its most positive level in 22 years, the best performance in the entire world. Pakistan Stock Exchange is the second best performing stock exchange in the world and the first in Asia. A historic decline of 9% is on the way to improving investment climate. The policy rate was brought down from 22% to 13%. Inflation is at an 18-month low of 4.1%. The inflation rate in December 2023 was at 29.7%. In the first 6 months of FY25, the economy has gone from stability to strength. In the first 5 months of FY25, remittances from foreign countries are at an ideal level of $15 billion. Remittances are expected to touch $35 billion by the end of FY25.
Under the leadership of Prime Minister Shehbaz Sharif, the economic conditions of Pakistan are exceeding the expectations of international organizations today. An economy exposed to risks of default is among the most stable economies now. A target of 6% increase in the country’s growth rate has been set in the next five years. In the next 10 years (by 2035), the target has been set to take the size of the Gross National Product (GDP) to one trillion dollars. The first objective is to create an export-oriented economy, the second is to bring about a digital revolution in the country and the third is to deal with climate change and its effects. The fourth sector to focus on is energy and infrastructure, while the fifth is building an equity-based society.
In the first half of the current financial year, exports recorded an increase of 10.52% and imports increased by 6.11%. Exports increased by 10.52% in the first six months of the current financial year, while in December 2024, an increase of 0.67% was recorded on an annual basis. In the first 6 months of this financial year, imports recorded an increase of 6.11%. Under Urran Pakistan, five economic goals have been set in the long term up to the year 2035.
—The writer is author of several books based in Islamabad.
(naveedamankhan@hotmail.com)
