ISLAMABAD (APP) - Competitive markets are the starting point towards increasing efficiency and sustaining economic growth, according to Pakistan: Framework for Economic Growth,' strategy prepared by the Planning Commission. "Free and flexible markets allow businesses, which have run the course, to exit and be replaced by more efficient firms," the strategy says. Instead of providing fiscal incentives based on sector-specific bases, markets must be allowed to determine the optimal allocation of resources, it says, adding incentives should be formulated to cultivate innovation and entrepreneurship. According to the strategy, innovative practices could come about in the public and private sectors as well as in rural and urban areas. It says that role of private sector needs to be enhanced and doing business should be the job of this sector adding the role of public sector should be as a regulator. "The private sector could only operate freely once the govt exits from the market and concentrates on its role as a regulator and facilitator," it says adding currently, the govt's was having presence even in relatively small sectors of economy such as transport and storage. The growth strategy stresses the immediate need to address missing and incomplete markets and indicates many initiatives that could be taken in this regard. It suggested limiting the role of govt in goods and factor markets and strengthening the role of private sector enterprises through rewarding ideas-led innovation. The role of private sector could be strengthened by resolving the energy crisis by accelerating power sector reforms, abolishing the bottlenecks in doing business, supporting the creation of an entrepreneurial eco-system within the country, computerizing the land and revenue record and speeding the enforcement of contracts. It also suggested for preserving autonomy of the State Bank of Pakistan in order to limit government borrowings, restructuring State Owned Entities and ultimately divesting control to the private sector and removing imperfections from farm to market channel, including storage and transport. The strategy is for promoting the culture of commercial research and development and respecting intellectual property rights to attract mature investment besides removing statutory requirements in labour markets that cause hiring inflexibilities. The strategy says that in order to make the overall trading process efficient there is need to further simplify customs procedures, develop an integrated supply chain management service. It also highlights the importance of exploring the potential offered by the regional trade.