INP-WealthPk

Youth Empowerment to Uplift Pakistan’s Economy

April 08, 2022

By Muhammad Mudassar ISLAMABAD, April 08 (INP-WealthPK): Youth play a crucial role to uplift the country’s economy. In Pakistan, 64% of the population is below the age of 30 years, according to the United Nation Development Program (UNDP). This “youth bulge” provides unique opportunities for the country’s social and economic uplift whereby the latent potential of young people can be harnessed by providing openings for growth and personal development. Pakistan's government is trying to provide a platform for the youth to contribute to the economy of the country. Pakistan has been adversely affected by the COVID-19 pandemic in various dynamics of development, resulting in a larger number of people living in poverty than before the outbreak. There were many job losses, as well as business shutdowns. But Pakistan endured less economic loss as compared to other developing economies by adopting efficient strategies to combat the pandemic. Pakistan has launched several programs for youth under the Kamyab Jawan Program. The government has started a loan scheme at a very low markup under Kamyab Jawan Youth Entrepreneurship Scheme, conducted a talent hunt program, provided scholarships to youth for their education, among several other measures. The government has increased the youth loan limit to Rs50 million under the umbrella of the Kamyab Jawan Program. Loan facility for youth to establish businesses helps in job creation, economic stability, and poverty reduction. The government aims to train millions of youngsters in hi-tech skills and initiate 10,000 startups under the Kamyab Jawan Program for five years till 2023. According to former Special Assistant to Prime Minister on Youth Affairs Usman Dar, more than Rs40 billion had been distributed among the youth across the country under Kamyab Jawan Program. Till now, this program has created 50,000 jobs of which 36,000 are in Punjab province. To further empower the youth, the government should promote the culture of startups in Pakistan. Prime Minister Imran Khan recently announced to establish Pakistan Technology Startup Fund worth Rs1 billion which will provide funding to 50 startups annually. The top investment destination in Pakistan in 2021 was technology startups, with investments increasing by more than 450% and reaching $365.87 million, compared to $66.4 million in 2020. The government has also launched the Green Youth Movement (GYM) to create jobs for the youth. It aims to create 65,000 jobs in the country. Kamyab Jawan GYM clubs have also been set up in 137 public sector universities across the country. In the world, there are approximately 115 economies that operate under a one-window system. Similarly, Pakistan has set up a one-window operation to facilitate new commercial ventures by reducing red tape (procedural delays) and costs associated with doing business. In order to ensure that stakeholders receive an all-encompassing service, Pakistan should expand the recently introduced one-window facility with additional features.