Govt unboxes plan for over 4% growth through agri, technological innovationBreaking

May 07, 2024

Accelerating economic growth, the government has unveiled a comprehensive strategy centered on agricultural and technological innovation. The initiative marks a pivotal step towards achieving sustained growth rates exceeding 4% in the foreseeable future, reports WealthPK. The strategy outlines a multifaceted approach to revitalize the key sectors of economy. Central to the plan is the promotion of innovation in agriculture and technology, which are recognized as pivotal drivers of economic development. Finance Minister Aurangzeb recently emphasized the critical role of agriculture in Pakistan's economy and highlighted the need for technological advancements to enhance productivity and efficiency in the sector. He outlined the measures to modernize agricultural practices, improve access to technology and inputs, and promote sustainable farming practices. "Investing in agricultural innovation is essential to unlock the full potential of our agriculture. By harnessing the power of technology and innovation, we aim to significantly boost agricultural productivity, improve the farmers' livelihoods, and ensure food security for our nation," said Aurangzeb in a recent interview with a team from an international media outlet.

The government's ambitious growth strategy has garnered praise from experts and economists, who view it as a timely and forward-thinking approach to address the nation's economic challenges. Talking to WealthPK, Director General IT at the Ministry of Information Technology and Telecommunication (MOIT&T), Asfand Yar Khan said, "In addition to agriculture, the government's strategy places a strong emphasis on technological innovation as a catalyst for economic growth." He underscored the importance of leveraging technology to drive innovation across various industries, including manufacturing, services, and information technology. "We are committed to fostering a conducive environment for technological innovation and entrepreneurship by investing in research and development, and promoting digital infrastructure and collaboration between the public and private sectors. We aim to unleash the transformative power of technology to propel our economy forward," he said.

Dr. Khurram Mughal, former senior economist from the State Bank of Pakistan, told WealthPK, "Investing in agriculture and technology is crucial for sustainable economic development. This strategy has the potential to stimulate growth, create jobs, and enhance competitiveness in the global market." He emphasized that investing in these sectors was essential for increasing productivity and efficiency and ensuring long-term sustainability and resilience in the face of evolving challenges such as climate change and resource scarcity. Dr. Mughal highlighted the potential of agricultural innovation to not only boost yields and farmer incomes but also to enhance food security and rural livelihoods. Similarly, the transformative impact of technological innovation in driving productivity gains fosters entrepreneurship and promotes inclusive growth across diverse sectors of the economy.

Credit: Independent News Pakistan