ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Asad Umar on Wednesday said during the first eight months of the ongoing fiscal year, Public Sector Development Programme (PSDP) saw a record 39pc utilisation.

This was the highest recorded utilisation of development budget for the past six years as earlier maximum utilisation of PSDP was witnessed in financial years 2014-15 when it was recorded at 32pc, the minister said while addressing a seminar on ‘Knowledge Economy: The Path to Speedy and High-Quality Growth’ at the National University of Science and Technology (Nust).

Mr Umar urged the universities to carry out relevant research on the issues and problems being faced by the country, adding that the PTI government increased the development budget of higher education sector from Rs16 billion to Rs29 billion.

Earlier, the planning minister said Peshawar-Karachi Motorway Project (Sukkur-Multan section) had been completed up to 99pc, and this year Rs17.7 billion were spent on this project. Faisalabad-Khanewal Road project has witnessed 98pc physical progress and Rs5 billion were allocated for this project.

Highlighting the progress made to ensure water security for Pakistan, Asad Umar remarked that during the first eight months of the current financial year, Rs2.5 billion were spent under the National Programme for Improvement of Watercourses in Pakistan-Phase-II, which translates into a 50pc utilisation rate whereas work on Mohmand Dam Hyrdopower project had also been initiated, and Rs2.8 billion had already been spent. For the construction of small dams in Khuzdar, Rs125 million had been utilised.

Asad Umar says PTI govt increased development budget of higher education sector from Rs16bn to Rs29bn

The minister said the PTI government was committed to speedy and transparent completion of all ongoing projects, and had been working to ensure diligent monitoring and evaluation and implementation of all projects. During the current financial year, more than 200 projects were expected to be completed.

Sharing his assessments on operationalising the Quadruple Helix Model of innovation for knowledge economy, he exhorted academics and researchers to align knowledge creation and innovation with real world problems. He stressed the need for building indigenous capabilities in terms of technological advancement and human resource development so as to reduce and eventually eliminate foreign dependency.

The seminar featured two high-level interactive sessions, dealing comprehensively with the key components of value in the field of knowledge economy – built upon the four key pillars of human resource development, economic and institutional regime, innovation, and advanced information and communication technologies – and sought rational approaches of strengthening the dynamic interplay between these crucial pillars.

Adviser to the Prime Minister on Digital Pakistan Initiative Tania Aidrus elaborated on her vision of ‘Fostering Digital Pakistan Vision as a Powerful Initiative for the Development of Knowledge Economy’.

PM Taskforce on Knowledge Economy Chairman Dr Attaur Rahman presented salient prospects of ‘Leveraging Science and Technology for Building National Innovation Systems in the 21st Century and the Roadmap to kickstarting Knowledge Economy’.

Higher Education Commission (HEC) Chairman Dr Tariq Banuri talked on ‘The Role of HEC towards National Development and Growth’, and shared his thoughts on transforming this sector to embrace innovation-led development and accelerate knowledge-based economy.

Kohinoor-Maple Leaf Group Chairman Tariq Saeed Saigol and CEO APIMatic Ameer Hassan spoke on ‘Overcoming the Challenges of Industrial Upgradation in Pakistan to Transform it to Knowledge Economy’ and ‘A Case Study on Successful Startup – A Model for Innovation and Entrepreneurship’, respectively.

Earlier in his welcome address, Nust Rector retired Lt Gen Naweed Zaman asserted that it was but an undeniable fact that the coming era would belong to those nations that have mastered the art of transforming knowledge into economic value.

He highlighted some of the significant Nust initiatives such as the establishment of Pakistan’s first Science and Technology Park at the university’s Islamabad campus to contribute to achieving financial self-sustainability for the country through building the knowledge economy.

Published in Dawn, March 5th, 2020