From plight to flight

The Uraan Pakistan plan aims for 5% growth and $60B exports, but political instability clouds success.

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An ambitious five-year National Economic Transformation Plan unveiled by the government is drawing mixed responses. Though it is on the spot as a long-term, structured and sustainable strategy is desired to pull the country back from the brink, many doubt the capacity of policymakers and the political zeal behind it to come full circle. It is an enigma that we do not have a proper policy perspective and a blueprint to boast as the proposed 2024-29 'Uraan Pakistan: Homegrown National Economic Plan' merely promises chalking out one in due course of time. The loaded and contestable masterplan taps 5Es - Exports, Equity, Empowerment, Environment and Energy, as it endeavours to double the country's exports and expand the digital-cum-technological sectors by harnessing a business-friendly ambience.

The arduous task is how to convince the world at large as political instability is taking a toll. The present dispensation is mired in political chaos, which has pushed the economy into the woods. The situation deteriorates as social cohesion has been on a downslide, leaving little trust behind to pool the synergies of all the national tangibles. In such a scenario, the Uraan Pakistan must be open to adaptability as success cannot be attained in the present paradigm of pessimism. Moreover, the reminders to the nation that it should prepare itself for "more sacrifices" are irksome. Thus, the prime task should be to put the house in order, opt for stringent austerity, ensure rule of law and make use of all national resources in a judicious manner to take a leap forward.

The 5Es aims at growth of over 5% in the next few years, raising the tax-to-GDP ratio to 13%, apart from attracting big-ticket investment, curbing imports, making use of AI and raising the volume of exports to $60 billion. Branding Pakistan abroad sits at the pinnacle of the strategy by ushering in superior quality of production, as well as buoying the untapped potential in agriculture and information technology. The key to success is in assuring consistency and reliability, and making sure that the roadmap is free from political and extra-legal interference.