Shehbaz Sharif’s New Economic Plan Aims for $1 Trillion Economy by 2035
A Bold Leap Forward: PM Shehbaz’s $1 Trillion Vision
Prime Minister Shehbaz Sharif is preparing to unveil the New Uraan Pakistan National Economic Transformation Plan 2024-2029, a groundbreaking initiative to position Pakistan as a global economic contender. This comprehensive strategy seeks to grow the nation’s economy to $1 trillion by 2035, focusing on innovation, sustainability, and inclusivity.
Economic Milestones to Watch For
The plan outlines ambitious targets to drive Pakistan’s growth trajectory:
- Economic Growth: Achieve a 9.8% annual GDP increase.
- Exports: Reach $60 billion in exports, with IT exports contributing $5 billion annually.
- Social Development: Improve literacy rates to 70% and reduce poverty by 13%.
Revolutionizing IT and Technology
A key aspect of the plan is fostering a tech-driven economy. Initiatives include establishing 100 software technology parks to encourage startups, promote innovation, and boost IT exports.
Infrastructure Mega-Projects
Central to the plan is the modernization of infrastructure. The ML-1 railway project, supported by Chinese financing, aims to:
- Increase railway freight capacity by 25%.
- Enhance passenger services by 15%.
Energy and Environmental Focus
The government is tackling pressing energy issues by reducing subsidies and eliminating circular debt. On the environmental front, the plan commits to halving greenhouse gas emissions, aligning with global sustainability goals.
The 5Es Framework for Transformation
At the core of the New Uraan Plan is the 5Es framework, which prioritizes:
- Exports: Strengthening trade and economic resilience.
- Energy: Achieving energy security.
- Environment: Fostering eco-friendly growth.
- Empowerment: Enhancing human development and social equity.
Collaboration for Sustainable Growth
This transformative plan reflects extensive input from public and private sectors. By addressing challenges such as declining revenues and infrastructure gaps, it aims to create an investor-friendly environment while empowering citizens for a prosperous future.
