look news india
Five-year plan has been started in the neighboring country Pakistan after 30 years. Prime Minister Shehbaz Sharif formally announced the National Economic Transformation Plan 2024–29 on 31 December 2024. It has been named ‘Udan Pakistan: Domestic National Economic Plan’. The objective of this scheme is to give a new direction to the economy of Pakistan. Based on the five Es (5E), priority has been given to e-governance, equality, exports, energy, and environment in this scheme.
Main objectives of ‘Udan Pakistan’ scheme
The aim of the plan is to take the country towards economic stability and development. The Government of Pakistan has focused on five key areas:
- Export: Increasing Pakistan’s share in the global market.
- E-Pakistan (E-Governance): Building Digital Pakistan.
- Equity and Empowerment: Empowering the weaker sections of the society.
- Environment, Food and Water Security: Conservation of natural resources and food security.
- Energy and Infrastructure: Solving the energy crisis and developing infrastructure.
Shahbaz Sharif’s vision and commitment
Launching the scheme at a program organized in Islamabad, Prime Minister Shahbaz Sharif said,
“It is not just a document, but the foundation stone of Pakistan’s bright future. “Over the past nine months, we have worked with the federal and provincial governments and partners to take concrete steps toward economic stability.”
He appreciated the efforts of Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal and Deputy Prime Minister Ishaq Dar.
The Prime Minister stressed that this plan is the beginning of a long journey towards the development of Pakistan. He said,
“We will have to work with sacrifice, blood and sweat to reach this goal. This is a chance for Pakistan to regain its lost position at the international level.”
History of five year plans of Pakistan
The history of five-year plans in Pakistan began a few years after India.
- After India’s independence in 1947, the first five-year plan was implemented in 1951 under the leadership of Pandit Jawaharlal Nehru.
- Pakistan presented its first five-year plan in 1955.
- The last successful five-year plan was implemented between 1993–98.
- In 2004, the five-year plan was renamed the Medium Term Development Framework.
For the last 30 years, Pakistan was unable to implement any long-term plan, leading to economic instability.
Prime Minister aims to double exports
In April 2024, Prime Minister Shehbaz Sharif had announced a comprehensive strategy to double Pakistan’s exports. He had directed the Trade Ministry to prepare a new export strategy in consultation with entrepreneurs and stakeholders. The five-year plan is part of that effort.
Main challenge and way forward
Pakistan will have to face the following challenges in the next five years:
- Energy crisis: Adequate energy supply to maintain industrial production.
- Foreign investment: winning the confidence of international investors.
- Social equality: Bringing the marginalized sections of the society into the mainstream.
- Environmental protection: addressing the threats of climate change.
Prime Minister Sharif made it clear that the government, industry, and civil society will have to work together to achieve these goals.
Why is ‘UDAN scheme’ important for Pakistan?
Pakistan’s economy has been under immense pressure for the last few years. Rising debt, falling exports, and political instability have hindered economic growth. The ‘Udaan Pakistan’ plan is a strategic effort to address these challenges.
The success of the scheme will depend on how seriously and commitment the government implements it. This plan can be helpful not only in economic stability but also in improving the international image of Pakistan.