LAHORE: The Punjab government on Friday launched the Punjab Growth Strategy (PGS) 2023, setting ambitious targets of attaining sustainable economic growth of seven per cent of the provincial gross domestic product (GDP) and creating on average 1.2m new jobs annually over the next five years.

The PGS 2023, approved by the Punjab cabinet in its ninth meeting last month, will also vie for reducing the multidimensional poverty in Punjab from 26.2pc in 2017-18 to 19.5pc by 2023.

The growth strategy will also look for increasing the average number of new housing units to 640,000 annually over the next five years – contributing 64pc to the national target of five million new houses.

At the launch ceremony, Punjab Finance Minister Hashim Jawan Bakht said the dynamic and creative PGS had been developed through evidence-based planning. He said the new growth strategy would offer a complete paradigm shift with more focus on health and human development in the budget. He said the agriculture sector would be effectively funded to reap the fruits and public-private partnership would get a boost besides creation of an enabling environment for doing businessmen.

“The key pillars of the strategy are based on a dynamic sub-national growth model powered by the provincial GDP data over last 20 years and 142 national and provincial policy variables,” Mr Bakht added.

Chief Minister Usman Buzdar said the PGS 2023 would determine the direction of economic development of the province and contribute to the national economy. The new strategy, he added, would holistically cope with basic problems being faced by the people and ensure the reach of the impact of progress across the province. He said the government would be paying special attention to reforms in education, healthcare, agriculture and other sectors.

Mr Buzdar said the Punjab government was aimed at reducing the idle youth in Punjab from 10.3pc in 2017-18 to 8.8pc by 2023 by creating on average 1.2m new jobs annually – contributing 60pc to the national target of 10m jobs.

The key pillars of the PGS suggest increased focus on 11 out of 18 national sub-sectors of the economy in which Punjab has a comparative advantage in the national context and harness their potential. It aims at creating enabling environment for private sector-led investment and growth in Punjab because the private sector produces more than 90pc of the goods and services in the economy.

Since development of human capital has the most significant impact on growth and performance of all sectors across the province, the PGS asserts investing more in quality formation of human capital and its utilisation.

Considering public-sector investment has a major catalytic impact on growth of the economy, the growth strategy recommends public investment and ADP sectoral priorities so as to maximise the impact on growth. It also recommends advocating and coordinating with the federal government on managing key macro-economic policy variables that have a significant impact on Punjab’s economy.

Economist Dr Hafeez Pasha said the Punjab’s population was 52pc of country’s total population but it was contributing very large 62pc share in the country’s agriculture sector and 61pc in employment.

Referring to the key guiding vision, which is also Pakistan Tehreek-i -Insaf agenda, Dr Pasha added the government was committed to human development and creating equal opportunities for every citizen.

Calling the PGS as efficiency-driven strategy, Dr Pasha said the Punjab government would focus on the size of the ADP and its allocation in different sectors besides regional equalisation.

CM’s adviser on economic affairs and planning Dr Salman Shah and Planning & Development Board chairman Habibur Rehman Gillani also spoke on the occasion. Special Adviser to PM Dr Firdous Ashiq Awan, provincial ministers, MPAs and civil bureaucracy were also present.

Published in Dawn, May 25th, 2019