ISLAMABAD: Planning Minister Ahsan Iqbal has said that the country's economy is on recovery mode after taking "tough decisions" while political stability and continuity in policies are required to achieve long term economic goals.
The minister made the remarks at launching of "One Year Growth Strategy for Pakistan," organised by Pakistan Institute of Development Economic (PIDE). The event was attended by the Secretary Planning Commission, additional secretary, vice chancellor of PIDE Nadeem Ul Haq, and others.
Iqbal said there was no dearth of policy formulation in Pakistan's 75 years history. “However,
inconsistency in policies execution and political instability impeded development and growth in the country.”
Development is contingent upon continuity in implementation of policies as every developed
country witnessed the growth after executing the policies persistently for 10-years, said the minister while urging key stakeholders to focus on governance.
“We are going to celebrate the 75th anniversary of independence and this is the time we can turnaround Pakistan by focusing on key areas like tax collection, remittances, foreign direct investment and exports.”
Economic growth goes hand in hand with foreign direct investment and leapfrog jump in export sector, he added.
The minister further added that the country could not achieve productivity increase in agriculture sector and it was a big challenge to achieve self sufficiency in the sector, which is backbone of the country’s economy.
Small and medium enterprise sector would be promoted as engine of growth to put the economic growth on growth trajectory, he said.
The minister appreciated PIDE for launching the report and asked them to conduct evidence-based research, which could help policy makers to take better decisions in best interest of the country.