Planning Ministry Unveils National Economic Transformation Unit For PSDP 2024-25

June 21, 2024Zayn0

Under Minister Ahsan Iqbal’s direction, the Ministry of Planning and Development has declared that the National Economic Transformation Unit (NETU) will be established within the PSDP budget for 2024–2025. The objective of this project is to promote sustainable development and thorough economic transformation throughout Pakistan.

Objectives and Scope of NETU

The NETU will function as a strategic entity dedicated to promoting innovation, increasing productivity, and easing economic growth. Working closely with a range of partners, including academic institutions, businesses, government agencies, and international organizations, it will execute evidence-based policies and programs that support Pakistan’s long-term economic objective of becoming a trillion-dollar economy by 2035.

Alignment with National Development Frameworks

In stating that the NETU will function within the parameters of Pakistan Vision 2025 and the 5Es framework, ensuring that its activities are in accordance with national development aspirations, Ahsan Iqbal underlined the significance of the NETU.

5Es Framework

The road map for attaining both economic prosperity and sustainable development is outlined in Vision 2025, whilst the 5Es framework concentrates on:

  • Exports, Enterprise, Employment

Promoting inclusive, high-growth economic development to guarantee prosperity and job creation.

  • E-Pakistan – National Digital Transformation

Making sure that all sectors undergo digital transformation in order to improve productivity and competitiveness internationally.

  • Climate Change & Environment – Water & Food Security

Putting sustainable practices into action to save the environment and maintain ecological and economic equilibrium over the long run.

  • Energy & Infrastructure-Affordable, Efficient, Green

Creating world-class infrastructure while guaranteeing energy security and efficiency to drive economic activity and foster industrial expansion.

  • Equity, Ethics, and Youth and Women’s Empowerment through the Implementation of SDGs

Encouraging social justice and minimizing inequalities to guarantee that all citizens profit from economic advancement.

Key Focus Areas of NETU

The NETU will give priority to important topics like:

Economic Diversification

Boosting development in non-traditional industries and lowering reliance on a small number of sectors.

Innovation and Technology

embracing the Fourth Industrial Revolution by encouraging the use of cutting-edge technology and cultivating an innovative culture to increase productivity and competitiveness.

Human Capital Development

Putting money into health, education, and skill-building to create a workforce with competence and ability.

Sustainable Development

Enacting eco-friendly laws and procedures to guarantee the long-term viability of both the environment and the economy.

Public-Private Partnerships

Encouraging cooperation between the public and private sectors to pool resources and knowledge for economic progress, hence elevating the private sector’s stature as the economy’s main driver of expansion.

Conclusion

Ahsan Iqbal expressed optimism that the NETU will play a significant role in changing Pakistan’s economic environment and raising the standard of living for its people.

Zayn

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