‘Uraan Pakistan’ dubbed as an ambitious goal lacking a realistic plan

Islamabad’s ambitious economic plan ‘Uraan Pakistan’ is dubbed as overly ambitious by experts and economists across the globe.

According to Express Tribune, an international economist has highlighted the challenges that Pakistan will face in reaching its targets, given how ambitious these targets are. Prime Minister Shehbaz Sharif's plan set out to target the five ‘E’s of the economy, namely e-Pakistan, environment, energy, equity and empowerment.

Given Pakistan’s stagnating economic growth and the global economic forecast, the country’s set targets are unrealistic. The targets under consideration are to achieve a one trillion and three trillion dollar economy by 2035 and 2047, respectively.

Pakistan would have to record robust growth figures of 10.32 percent per annum to achieve the target set for 2035. This is highly unrealistic as the current GDP growth rate for the first quarter of FY 2024-25 remained abysmally low at 0.92 percent. This represents a sharp decline from the 2.3 percent growth that was recorded in the same period last year.

The finance division of the government of Pakistan revealed that real GDP grew by a low of 2.38 percent in FY 2024. As such, Islamabad might not be able to achieve its economic target as attaining such a high level of growth requires a multitude of sectors and businesses to grow aggressively. Experts are citing structural and political challenges as the primary constraints that will prevent Pakistan from achieving its targets. 

Aside from feasibility constraints, ‘Uraan Pakistan’ has come under fire for not having a detailed plan. Analysts are commenting about how the plan does not possess directives regarding resource allocation, timelines, and the policies that are to be used.

Without a proper plan for assigning responsibilities to all government institutions, ‘Uraan Pakistan’ could become yet another dream for Pakistan that may never be realised.

 
According to Express Tribune, ‘Uraan Pakistan’’s focus on boosting exports and attracting foreign investment has created a tunnel vision for Pakistani lawmakers, who have seemingly overlooked critical internal challenges. These challenges include addressing issues related to political instability, widespread corruption, energy shortages, and bureaucratic inefficiencies.

Casting internal issues aside, the external goals are largely unrealistic as well. This is because preexisting institutions such as the Special Investment Facilitation Council (SIFC) have failed to attract normal investors, which begs the question of how the government aims to attract foreign investors.

If planned and implemented correctly, ‘Uraan Pakistan’ could change the trajectory of Pakistan’s economy. However, it can only realise its true potential if it is implemented on the basis of a realistic plan.