Inequality and growth can’t go together: Dr Ishrat

ISLAMABAD: A one-day seminar on "Accelerating Growth for Employment Generation" was held on Wednesday in the Ministry of Planning Development & Reform, organised by the macroeconomic section of Planning Commission to devise strategies to harness economic growth for employment generation.

Secretary Planning Shoaib Ahmed Siddiqui gave the welcome remarks while Dr Ishrat Hussain gave keynote address highlighting core issues of unemployment stressing to devise strong structural policies while also expediting their implementation. Saud Bangash of Pakistan Business Council, Dr Sabur Ghayur and Joint Chief Economist Rai Nasir Ali Khan also addressed the gathering. Senior officials of the Ministry of Planning Development & Reform and around 150 relevant stakeholders from industry and academia attended this healthy brain storming session.

Dr Ishrat Hussain said, “We need to look at the best practices in the developing countries to compete with the globalised world and overcome our socio-economic issues. This would not only help in acquiring equal competencies but help us in avoiding the mistakes and take precautionary measures.”

He stated that Pakistan is blessed with a serious, dedicated and intellectual women population but unfortunately many of them either don't join institutions after acquiring education or their skills and talent remains unutilised. Equal female participation would enhance the productivity of the labour force.

Dr Ishrat Hussain observed that inequality and growth can never go together. Government and the policy makers will have to take into account the challenge of considering employment as a part of growth strategy as well as they need to equally focus on inequality reduction strategy.

Secretary Planning Shoaib Ahmed Siddiqui while giving the remarks said that employment generation offers critical link between economic growth, reduction in poverty and income inequality. He said that the creation of productive remunerative and decent employment is key mechanism through which benefits of growth can be distributed to different segments of society.

The secretary maintained that the Planning Commission has launched youth development programmes including Youth Business Loan schemes, interest free loans schemes to vulnerables & poor, Youth Training Schemes, and Youth Skill Development Program through National Vocational & Technical Training Commission (NAVTTC). The secretary noted that CPEC has played a significant role through investment in energy and infrastructure projects, zero load shedding to industrial sector, promotion of overseas employment.