THE Government of Pakistan has introduced an ambitious five-year economic framework titled “Uraan Pakistan”, designed to stabilize and diversify the national economy through clearly defined, quantifiable objectives to be achieved by 2028. While some critics may regard the targets as overly ambitious, the initiative represents a significant shift toward strategic economic planning. As the adage goes, “Failing to plan is planning to fail,” and this framework has the potential to serve as a foundational roadmap for future administrations, provided it is implemented consistently and remains insulated from political instability.
The overarching goal of “Uraan Pakistan” is to strengthen Pakistan’s economic infrastructure and introduce sector-specific reforms for sustainable, inclusive growth. The strategy seeks to address economic challenges, foster innovation, enhance institutional capacities and ensure equitable development. Key objectives include a 6% annual GDP growth by 2028, crucial for reducing unemployment, increasing industrial output and boosting national income. This target aligns with global standards and taps into Pakistan’s potential in manufacturing, services and technology.
Another critical component of the framework is improving per capita income to $2,405 by 2028, which would enhance household purchasing power, reduce poverty, income inequality, and support a strong middle class. The framework also aims to raise the investment-to-GDP ratio to 17% by 2028, focusing on boosting foreign direct and domestic private investment. This goal centers on industrial growth, technological innovation, and high-value job creation.
The framework also aims to enhance export performance, setting a target of $63 billion by 2028 to diversify the economic base. Strengthening exports will bolster foreign exchange reserves, reduce trade deficits and improve global competitiveness. Diversification into high-tech and value-added manufacturing will be essential to achieving this objective. Furthermore, the government recognizes the critical role of remittances in the economy and seeks to increase inflows through policy reforms and financial integration. Stabilizing the current account balance through increased remittance inflows will require reducing costs, enhancing financial inclusion and adopting digital financial services.
In addition to economic targets, “Urran Pakistan” outlines fiscal measures, including raising the tax-to-GDP ratio to 13.5% by 2028, requiring reforms in tax administration, broadening the tax base and addressing the informal economy. This would reduce reliance on external borrowing and improve fiscal autonomy. The framework also aims to reduce public debt to 60% of GDP by 2028 through fiscal discipline and prudent debt management. Recognizing the importance of human capital development, it allocates 4% of GDP to education by 2028 to address skill deficits, improve literacy and foster a knowledge-driven economy, however, the specific mechanisms for implementation remain to be clarified.
For the successful realization of these objectives, several structural challenges must be addressed. Strengthening the domestic investment climate is essential for attracting foreign capital and transparent, secure economic policies are crucial in this regard. Bureaucratic inefficiencies must also be minimized to enhance ease of doing business, with streamlined regulatory frameworks, such as one-window operations, significantly improving the investment landscape. Addressing structural inefficiencies, including high energy costs and political instability, is imperative for enhancing regional competitiveness. Finally, a stable political and institutional environment is necessary to foster economic growth and inspire investor confidence.
By setting measurable goals and addressing structural challenges, “Urran Pakistan” represents a transformative attempt to reshape the country’s economic trajectory, contingent upon consistent policy implementation, institutional reforms and a commitment to long-term development.
—The writer is Secretary General ICCI.
