India progressed as it implemented economic plans developed by Pakistan: Ahsan Iqbal – Markets

Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal has said the upcoming 5-year national economic plan 2024-25 is focused on transforming the country towards an export-led economy, stressing that neighbouring country India progressed as it implemented the economic transformation plans developed by Pakistan in the 1990s.

While addressing media at the Pakistan Stock Exchange (PSX) after the gong-striking ceremony on Tuesday, the minister said Prime Minister Shehbaz Sharif would launch the National Economic Transformation Plan 2024-25 this month.

He asked for consistency in the existing setup as Pakistan looks to emerge as a top regional economy at the completion and celebration of 100 years of independence in 2047.

“The implementation of the plan will help achieving sustainable economic growth in Pakistan.”

The previous economic plans given by PML-N governments were all put on backburners due to abrupt change of governments, he added.

Meanwhile, at the ceremony held to celebrate the KSE-100 Index reaching the milestone of 100,000 points last week, Iqbal said Pakistan does not have a single company earning $10 million in exports.

Out of total 500 listed companies, only 70 companies are earning up to $10,000 in exports.

“Most of them are family run businesses, while many giant size companies are growing through imports and selling goods only in local markets.”

He said there is no company with a worth of over $2 billion in Pakistan.

He also added that India progressed through implementation of economic plans developed by Pakistan.

“Pakistan shared economic plans with India on its request in the early 1990s. However, Pakistan could not implement those privatisation and liberalisation plans at the time and continued to lag behind in the region.”

He said Pakistan needs to preserve peace, achieve political stability, sustain consistency and continuity in polices to attain sustainable economic growth.

“We have continued to play musical chairs (in formation of government).”

The minister added that Pakistan has world class talent and natural resources.

“We have make the wealth distribution equitable and maintain competitiveness to progress.”