Five Year Economic Plan’s in Pakistan
Use the resources of a country for the Nation is known as Economic planning. Economic strategies are plan to economic stability and development. The first strategy of Pakistan economic development was made in 1955-1960. In this article we will discuss historical economic policies and their output.
First economic plan (1955-1960)
In 1955 first economic policy was made. The key points of that plan were:
- Increase in the GDP of a country to 15%.
- Target to achieve 7% increment in GDP Per Capita.
- Provides the two million’s new job opportunities for the people
- 15-percent increase in export of the country.
- Increases in the agricultural productivity to 9%.
- Industrialize the country and promote its productivity to 60%.
- Establish the energy generating plants to boost industries.
- Focus on earlier Education and provide a good leaning environment.
- Construct the 1.5 lac new houses.
Second Economic Plan (1960-1965)
Second economic plan was started at early 1960. The major targets of that plan are:
- In that plan the GDP nominal was set to 24%.
- Expected to GDP per Capita 10%.
- Target to produce 2.5 million’s new jobs.
- Increase in the production of mega industries to 14%.
- Bosted the Exports to 3%.
- Encourage to the small industries and uplifting the local products.
Third Economic plan (1965-1970).
Third economic strategy also focused on increasing GDP, providing the new opportunities of jobs, agricultural development and overcome the dependency on imports. The key points of that plan were:
- Industrialized the country on major scales and achieve to 7.2 percent increment.
- Improving the basic industries and engineering.
- Overcome the power shortage and provides the energy to the industries at appropriate price.
- To better the life style of villages by providing standard health necessaries, modern education and other imports facilities.
- Expected to GDP per Capita 9.2%.
- Increase in the GDP of a country to 7%.
- Increase the export volume to 11 percent.
- Agricultural improvement to 6%.
Fourth Economic plan (1970-1975)
This plan was part of a series of five-year economic plans that Pakistan adopted after independence to structure its economic development.
- The plan aimed to achieve an annual growth rate of 6.5%. It sought to address regional disparities between East Pakistan (now Bangladesh) and West Pakistan by focusing on balanced economic development.
- This plan emphasized on industrial growth to overcome the dependency on imports and target to achieve 6.5% increment in overall economic production.
- Social development also included in that plan by improving the living standard.
- One of the major goals was to reduce economic disparities between East and West Pakistan by ensuring more equitable distribution of resources.
- Expand the manufacturer sector and improve the exports to 8.5%.
Fifth Economic plan (1978-1983)
Fifth economic plan presented in 1978 which was part of the country’s series of economic development plans. Pak-India war’s and separation of East Pakistan badly effected the economy and overall growth in different sectors. The key points of this plan were:
- Pakistan spent the billions of dollars to import petroleum products, to minimize it a target was set to produce 33% oil from home land.
- Become as a self-dependent on agricultural product and daily life groceries.
- 9-percent increase in industrial productivity.
- Special focus on the development of Balochistan including construct basic infrastructure for road network, provide the good health facilitation and other daily life necessaries.
- Unlike the previous government, which focused heavily on state intervention and nationalization, the Fifth Plan under General Zia’s regime sought to revive the private sector. The plan emphasized deregulation, de-nationalization of some industries, and creating a more favorable environment for private investment.
- To overcome the balance of payment deficit in the context of trade, initiated to improve exports to 7%.
- 6% boost in agricultural development.
- Encourage the small and large enterprises to contribute industrial productivity.
Conclusion
The Five-Year Plans of Pakistan, while ambitious in their goals, faced significant challenges in implementation due to political instability, war’s, shifting economic policies, and external dependencies. The plans reflected the priorities of their respective regimes.
