ISLAMABAD: Minister for Planning Ahsan Iqbal said that to implement the International Monetary Fund (IMF) plan, a cut of Rs250 billion had to be made in the PSDP (Public Sector Development Program) in the past.
“The public is bearing an extraordinary tax burden due to the IMF, which necessitated the cut in the PSDP by Rs250 billion. The purpose of the development budget is to enhance growth, and investment is essential for growth, which is possible through development projects. The only way to increase and sustain growth in Pakistan is to boost productivity. The success of any country’s economy depends on its productive capacity,” the minister expressed these views while chairing a meeting regarding the National Productivity Master Plan.
The meeting focused on various aspects aimed at improving the country’s economy.
He said that Pakistan needs to increase not only its industrial productive capacity but also its agricultural productivity.
He said that although Pakistan is the third-largest producer of milk globally, the per-animal milk yield is only 1,500 to 1,800 litres, while other countries have reached 8,000 to 9,000 litres per animal. We need to advance the dairy value chain as well, he said.
The minister emphasised the importance of modern skills in the industrial sector, highlighting that the industry is not focusing on equipping its workforce with modern skills, which is a major concern.
He stressed that under the “Five Es” National Economic Transformation plan, Pakistan’s economy needs rapid growth. Currently, the country is facing economic deficit, and the root cause of every deficit is linked with economic woes.
He prioritised increasing exports under the “Five Es”. He stated that positive results have been seen in some sectors where productivity has increased. Despite the challenges of expensive electricity and issues in the microeconomic framework, those sectors are enhancing their productivity and making progress. For the economic recovery of the country, productivity and growth are the fundamental pillar, he said.
He further emphasised that modernising Pakistan’s economy is the key to success. “We possess the knowledge and capability, but political instability has prevented us from maintaining policy continuity. The secret to the development of other countries mainly lies in the continuity of their policies for at least 10years, “he said.
“We do not want the National Productivity Master Plan to meet the same fate as other master plans. We need to focus on quality and innovation alongside productivity. A national summit is necessary to launch a movement at the national level to increase productivity, where everyone strives to increase output even with limited resources.”
He concluded by stating that provincial governments and the private sector must work together to promote productivity.
Copyright Business Recorder, 2024
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