The broader socio-economic scenario of Pakistan indicates low literacy, insufficient health services, gender inequality and a relatively high population growth rate. The country has to work hard to avert this situation by creating a strong socio-economic base.
This was stated by Finance Minister Shaukat Aziz at the First Convocation ceremony of National University of Computer and Emerging Sciences here on Saturday.
He said that Pakistan is a sovereign nation and its human development indicators are improving but more needs to be done. The country since 1999 under the leadership of President Pervez Musharraf has made substantial progress, which can be measured in practical and statistical terms.
Per capita income has risen to $652 in 2003-4. It was $526 in 1999-2000, which shows an increase of 24 percent in the last four years. "Our foreign exchange reserves have crossed 12 billion dollars; the GDP surpassed the target of 5.3 percent with a headline number of 6.4 percent during 2003-04; and manufacturing grew by 13.4 percent in the same year against a target of 7.8 percent. Investment rose to 18.1 percent of GDP against 16.7 percent of previous year and exports grew by 13.1 percent. The inflow of remittances from abroad was $3.8 billion, with USA being the single largest source of cash remittances."
After five years of hard work the complexion of the economy has thus been transformed.
The socio-economic scenario continues to face various challenges like maintaining the macro-economic stability, job creation, poverty alleviation, minimising social inequality and strengthening the country's infrastructure. "For this purpose we have laid emphasis on five pillars of the economy namely agriculture, small and medium enterprises, information technology, oil and gas and fifthly the construction sector."
A major breakthrough has however been made in the relief of debt burden. As percentage of GDP, external debt and liabilities was 51.7 percent in July 2000. It has declined to 37.8 percent by March 2004. "We are no longer dependant on IMF loans. In fact, we have said goodbye to them. Instead of taking around a 'Begging Bowl' we are now prematurely returning our long-term loans. This is a clear indication of the current strong external liquidity position of our country."
This government realises that the best policy of socio-economic growth is investment in human resources, which builds up a strong human capital base-a critical mass of educated manpower. Education and particularly higher education is central to the overall creation of this base, particularly at the tertiary level, which involves specialisation in fields of study and in occupations which are relevant to technological capability. As such the development of strong institutions for information technology like this University is the need of the time, he said.
The government is consciously sustaining HEC as can be seen in the Public Sector Development Programme for 2004-05. Higher education allocation has increased by 84 percent. The Commission lays emphasis on the Ph D programme and this year has offered 1,000 Ph D Fellowships to be awarded in all areas of studies out of 5,000 indigenous Ph D fellowship scheme.
South Asian countries earn billions of dollars from information technology "but we do not even earn a hundred million dollars. In fact, it is between $10 to $15 million". As such education in this field will result in income generation in the long run, as jobs will be created.
A strong technically educated nation would be able to face up to stronger nations. "We have to build up our middle class economically, because to that section belongs the majority of the educated youth. "In the particular context of Pakistan, the only country created in the name of Islam, we have to live up to the vision of the creators of this independent country, Shaukat said.