ECOSF Participated in the PIDE Reform Agenda for Accelerated and Sustained growth on 22 April 2021
The PIDE Reform Agenda for Accelerated and Sustained Growth in Pakistan was launched on 22 April 2021 at the Planning Commission of Pakistan. Minister of Planning Development and Special Initiatives, Mr. Asad Umar was the chief guest at the launch event. On behalf of ECOSF, its President Prof. Manzoor H. Soomro participated in the event.
Mr. Asad Umar, in his opening remarks, lauded the efforts of PIDE for coming up with a growth reform Agenda. He said that now that economy has stabilized after efforts of the government now is the time to work towards growth which is not only high enough but sustained for a long period as well. Thus, the PIDE’s reform Agenda for accelerated and sustained growth comes at the very appropriate time.
Thereafter Vice Chancellor PIDE, Dr. Nadeem Ul Haque, presented the salient features of the PIDE’s proposed Reform Agenda for Accelerated and Sustained Growth. According to PIDE the task of preparing the Reform Agenda began with asking a central question; Can Pakistan experience accelerated and sustained economic growth and If yes, how? To find an answer VC PIDE constituted a PIDE Growth Commission. The Commission comprised renowned local economists and development practitioners from all over the country. The commission also had an adequate representation of the female professionals. The commission was supported by a secretariat at PIDE, consisting of 18 researchers led by Dr. Nadeem Ul Haque, Vice-Chancellor PIDE.
The Agenda takes the view that the development model that Pakistan has been using since the sixties focuses primarily on investment in hardware led by infrastructure. This model, argues the agenda, developed by Dr. Mahbub ul Haq and the then Harvard Advisory group in the ‘60s was correct for those times when the country needed investment infrastructure. However, with change dynamics, now the model needs to undergo a paradigm shift – the country now needs to shift its focus from investment in hardware to investment in the software of the society. This software is the quality human capital, innovation, R&D, and most importantly the laws, rules, and processes that further economic activity.