The Chief Minister Punjab Shahbaz Sharif and Federal Minister for Planning and Development Ahsan Iqbal formally launched Punjab Growth Strategy 2018 and Drivers of Growth - Punjab Planning Manual and Multiple Indicator Cluster Survey here on Saturday. The provincial government envisioned Punjab as a secure, economically vibrant, industrialised and knowledge-based province, which is prosperous and where every citizen can expect to lead a proper life.
The strategy outlined the following objectives to help achieve its vision:
1. Achieving eight percent economic growth (real GRP growth rate) in Punjab by 2018.
2. Increasing annual private sector investment in Punjab to US 17.5 billion dollars by 2018.
3. Creating one million quality jobs every year in Punjab.
4. Training to be provided to two million skills graduates in Punjab by 2018.
5. Increasing Punjab's exports by 15 percent every year till 2018.
6. Achieving all Millennium Development Goals and targeted Sustainable Development Goals in Punjab by 2018.
7. Narrowing security gap with regional neighbours such as India and Bangladesh by reducing crime and improving law and order in Punjab.
While presenting a summary of the strategy, Chairman Planning and Development Board Irfan Elahi said that Punjab Growth Strategy aims at to overcome the key challenges to realising this vision. These challenges include: an under-utilised manufacturing capacity and stagnant exports, low productivity of physical and human capital, unemployment, under-employment and skills shortages, slow progress on achieving the Millennium Development Goals (MDGs) and worst security situation. The key drivers that will play a critical role in transforming Punjab and help the government to achieve the growth objects have been listed as follows:
(A) Catalyzing Punjab's GDP growth based on increasing the productivity of scarce resources via improving the investment climate (by upgrading infrastructure and addressing energy shortage) institutional and governance reforms and tapping into new sources of growth such as better functioning cities and urban clusters.
(B) Private sector-led economic growth that will require a revival of investment by the private sector.
(C) Employment-intensive economic growth that will require a focus on employment generation by revival of employment-intensive sectors and creation of quality jobs by addressing critical gaps in human capital.
(D) Export buoyancy to be driven by a focus on export-oriented economic growth.
(E) Complete social sector coverage to be embedded in quality provision of education, healthcare and social protection for the poor and vulnerable.
(F) Effective security through improved governance and law & order.
The Growth Strategy's objectives will be realised by focusing on key sectors that include: industrial development, cities and urban development, agriculture, livestock, skills, education, demography and population planning, and health.
He said Punjab's development priorities are fully aligned with those of the federal government, and the Punjab Growth Strategy 2018 and the government's Vision 2025 are an outcome of the same strategic thinking. Working with the federal government is essential for Punjab to achieve its objectives. Further, Punjab's Growth Strategy is underpinned by Punjab's Medium Term Development Framework (MTDF) 2018. Economic Advisor to Chief Minister Punjab Dr Ijaz Nabi, Secretary Planning and Development Board, representatives of Unicef and DFID were also present on the occasion.