The Ninth Five Year Plan (1998–2003) is framed at a time when markets are seen as the most efficient means of resource allocation. The paper argues that markets alone cannot secure sustained growth or distributive justice. Rather, planning remains vital through strategic interventions in sectors that generate positive externalities and broaden equity. Effective development planning must also be accompanied by institutional reform to mitigate government failure, ensuring that growth is both sustainable and inclusive as Pakistan enters the new century.
