Ayesha Saba

The establishment of the National Economic Transformation Unit (NETU) will reflect the planning and development ministry's forward-thinking move. However, ensuring policy continuity, strong governance and accountability are imperative to sustain the momentum and drive economic transformation effectively through the NETU's strategic initiatives. Talking to WealthPK, Research Officer Macro Economic Wing of the planning and development ministry Shahid Zaman said the establishment of the NETU was a crucial development in Pakistan's economic strategy. This strategic shift is expected to buffer the economy against sector-specific shocks and enhance resilience. "Diversification is essential for economic stability, and the future of competitiveness lies in innovation. Integrating cutting-edge technologies into Pakistan's economic fabric can significantly boost productivity.

This increased efficiency translates into improved competitiveness in the global markets where innovation-driven economies thrive." However, he cautioned that the NETU's success hinged on effective governance and transparency. Transparency in operations and clear performance metrics will be essential to maintain the stakeholder confidence and ensure effective implementation of reforms. "The NETU must adopt a transparent approach, with regular monitoring and evaluation of its initiatives to ensure that they meet the intended objectives," he stressed. "To realize the full potential of this initiative, policy continuity and full implementation are essential to achieving the long-term economic goal of transforming Pakistan into a one trillion-dollar economy by 2035." The planning and development ministry has announced the establishment of the NETU as part of the Public Sector Development Program (PSDP) budget for 2024-25.

This groundbreaking initiative is poised to spearhead comprehensive economic reforms and sustainable development, marking a significant step towards achieving the country's ambitious economic goals. According to the information available with WealthPK, the NETU will serve as a strategic body focused on facilitating economic growth, enhancing productivity, and fostering innovation. It will work in close collaboration with various stakeholders, including government agencies, private sector entities, academia, and international partners, to implement evidence-based policies and initiatives that align with Pakistan's long-term economic goal of becoming a one trillion-dollar economy by 2035. According to a budget document, the federal government will spend around Rs59,114 million on 27 projects of the Planning Division under the PSDP during the upcoming financial year 2024-25. An amount of Rs16,810.650 million has been allocated for 13 ongoing development projects and Rs42,303.736 million for 14 new development schemes of the Revenue Division.

Credit: INP-WealthPk