PC strategy focuses economic growth and reforms: Dr Haque

In a paradigm shift of strategies for economic and social uplift through public sector development programmes, the Planning Commission was now focusing on economic growth and reforms so that the private sector could play a dominant role in the growth process, said Deputy Chairman Planning Commission Dr Nadeem-ul-Haque in a TV interview.
Dr Haque, a reputed international macro-economist, said that the Planning Commission had prepared a report titled 'Pakistan: Framework for Economic Growth', and had given certain recommendations including strengthening the private sector and giving special attention to innovation and entrepreneurs.
He said that the strategy for economic growth focused on the need to raise growth above its historical average. The strategy emphasised that growth should be market-led and not government-led, he added. Speaking about the priorities of the PC, Dr Haque said that its main focus was to create jobs for three to four million youth, who enter the job market every year and make the sick state enterprises like Pakistan Railways and PIA self-sustaining.
"State enterprises devour about two hundred to three hundred billion rupees of the national exchequer every year. If we save this money and use it for creating jobs for youth, it will enhance the growth rate and the social stability in the country," he maintained.
Dr Haque said that instead of starting new electricity generating power projects, the planning commission would emphasise on putting in operation the electricity units having the capacity of producing 6,000 MW of power. Similarity it would also stress upon the power distribution companies to cut down their line losses and make efficient use of the available electricity.
While continuing with the skewed public sector investment programmes, he said the policy needed to focus more on productivity enhancement, especially in the government. The PC Deputy Chairman said that the government room for maneuver is thus extremely restricted and it could not afford to undertake large-scale capital expenditures without facing heavy financing constraints.