Ayesha Saba

Pakistan’s Public Sector Development Programme (PSDP) stands as the linchpin of the nation's developmental trajectory, serving as the powerhouse propelling critical infrastructure projects and social sector initiatives. “With the unveiling of the PSDP for the fiscal year 2023-24, the country has set a new benchmark with a record allocation of Rs1,150 billion. This substantial financial commitment reflects the government's unwavering dedication to steering the nation toward a brighter and more prosperous future,” said Syed Zafar Ali Shah, former secretary of the Planning Commission. Talking to WealthPK, he said PSDP is a major instrument through which governments throughout the world ensure the sustainable development of their economies. He said that in the developing world, PSDP plays a vital role as a government’s intervention in the form of investment is crucial in helping the economy take off. “As the developing world suffers from low levels of private investments, the governments’ PSDP spending makes up for low private investments. This also helps spur private investments.” Zafar Ali said that a major chunk of PSDP 2023-24 had been earmarked for infrastructure projects of energy, railways, motorways/highways, aviation, ports, etc. “Equal importance is given to social sectors, particularly higher education, health, governance, climate change, etc.”

“A notable facet of the PSDP 2023-24 is the allocation of Rs80 billion, earmarked specifically for initiatives aimed at empowering the youth, igniting a green revolution, and nurturing future champions,” the former Planning Commission secretary added. He noted that the emphasis on youth empowerment was a forward-looking approach that recognised the demographic reality of Pakistan. “With a significant portion of the population comprising young individuals, channeling resources toward their development is not just an investment in the present but a strategic move to cultivate a skilled and dynamic workforce for the future.” “The allocation for a green revolution aligns with global imperatives for environmental sustainability. This commitment is not merely symbolic but a pragmatic recognition of the need to balance economic growth with environmental stewardship.” He concluded by saying, “The caretaker government has revived the CPEC initiative and its allied projects to develop industrial linkages, promote trade and commerce, and facilitate inter-provincial and regional connectivity. “To achieve self-sufficiency in food and water resources, substantial funds have been earmarked for agriculture-related projects.”

Credit: INP-WealthPk