New growth strategy to enhance productivity, create more jobs

ISLAMABAD: The new strategy initiated by the government for propelling economic growth intends to enhance productivity through a variety of means including encouraging entrepreneurship and innovation and investing in youth and helping them direct their imaginations towards growth of this country, official sources told APP.They said that the new growth strategy also intends to making cities more creative by opening up zoning laws etc, creating an environment of competition in the markets and building a government of the 21st Century.

They added that productivity enhancements will help all sectors of life, including agriculture, industrial, services etc.The sources said that the government intends to start implementing the strategy from next year adding that this is a historic step by the people’s government.They observed that implementation of the new growth strategy will result in creation of jobs, prosperity, improvement in standard of life, access to facilities; prosperous rural and urban masses etc.”For implementing the new strategy for growth we need strong political leadership from federation and provinces and implementation mechanisms to ensure that this happens”, they remarked.”Over the next three-years Pakistan’s growth rates will be between 4pc – 5pc of GDP”, they observed.”If we start implementing the new strategy for growth from next year then Pakistan can witness up to 8pc of GDP growth in next 5 years “, they stated.They said that people in Pakistan deserve jobs, prosperity and a better future for their children and families.”We must achieve a growth rate of between 7pc – 8pc each year in order to absorb the labour force in our market”, they observed.The sources were of the view that growth comes through investment, improvement in productivity and through innovation.”The government has limited resources to increase investment. It has limited skilled force to increase productivity and innovation and growth is, therefore, a private sector phenomenon”, they remarked.The role of the government, they said, should not be to lead growth but to facilitate growth.”It is for that reason that the government is embarking upon a new strategy for growth”, they added. – Brecorder