Govt initiates study for long-term development plan.

ISLAMABAD -- Undeterred by the failures of development plans in the past, the government is working on 'Vision 2035' and 'Vision 2047' agenda, with the Planning Commission having initiated a study aimed at drawing a roadmap for the country's rapid socioeconomic development.

The study, which will identify policy choices that the country's leadership may need to make in consultation with all stakeholders and adopt a roadmap for swift development, will be completed within a couple of months.

To supervise the initiative, a steering committee comprising top economists, representatives of private sector and research institutions in the country was constituted. The Planning Commission's chief economist will coordinate the exercise.

'The study would be launched at the start of 2023 and will act as a prelude to developing Pakistan's Vision 2035 and Vision 2047,' said Minister for Planning and Development Ahsan Iqbal while presiding over a meeting here on Sunday. He said: 'Pakistan's economy requires fundamental structural changes and development of new export-led growth paradigm. This can only be achieved by following a consistent policy framework for at least a decade.'

Minister says economy requires structural changes, formulation of new export-led growth paradigm

The minister claimed that the country was well on its way in 2017-18 to realise the target of joining world's top 25 economies by 2025, as set in Pakistan Vision 2025 launched under the PML-N government in 2014, but the 'change of government in 2018 caused a major diversion'.

Unfortunately, he added, the continuity of policies was discarded and path of confrontation and reversals was adopted by the previous government that destroyed investors' confidence and the progress.

Nearly four years later, 'we inherited a country close to economic bankruptcy', the minister said.

He said the PML-N government's topmost priority from day one had been to bring about an economic turnaround and stabilisation in the country and resume the journey to national progress.

'Pakistan Outlook 2035 will help us understand where we are at present and where are we headed, if we do business as usual, a decade and a half later,' he said.

During the meeting, all planning commission members were asked to complete the study through engagement with relevant stakeholders of their respective fields. It also decided to set up a steering committee to supervise...