Prime Minister Shehbaz Sharif Wednesday announced that he would soon unveil a new five-year plan to bring cash-strapped Pakistan out of the economic crisis and asked countrymen to undertake self-introspection to correct mistakes of the past.

Sharif's remarks came as the nation commemorated the 78th Independence Day of Pakistan.

The Prime Minister said a “fresh journey with new zeal should be started to steer the country out of existing crises” and a five-year economic programme will soon be launched.

He said that there is a need for self-introspection to correct mistakes of the past.

The nation would hear good news regarding the reduction in electricity prices in the next few days, Radio Pakistan quoted him as saying at the main ceremony held in Islamabad.

Turning to issues being faced by the country, Sharif pledged to work hard till the last drop of his blood to reduce inflation and electricity prices and revamp Pakistan's battered economy.

He said the reduction in inflation and electricity bills is vital for the development of agriculture and industry, enhancing exports and providing solace to domestic power consumers.

Sharif also urged the youth to focus on their studies, training, and skills and avoid becoming prey to the forces of chaos, anarchy and deception.

He said the foes of Pakistan have continuously been targeting the minds of young people through digital terrorism to mislead them.

In a separate message, Prime Minister Sharif said: “We pay homage to the immense sacrifices of our forefathers and countless unsung heroes of the Pakistan Movement, who fought tirelessly for an independent country for millions in South Asia, where they could live according to their beliefs and values.

He also said Pakistan shall continue to extend moral, political and diplomatic support to the people of Jammu and Kashmir until they achieve their universal right to self-determination.

President Asif Ali Zardari in his message said: "Today, we need to set aside our differences and work committedly for unity, integrity, and economic stability." He called for upholding the rule of law and strengthening democratic institutions and also reaffirmed its support to the people of Kashmir and Palestine for their legitimate rights.

India has repeatedly said it desires normal neighbourly relations with Pakistan in an environment free of terror, hostility and violence.

India has asserted that the "Union Territory of Jammu and Kashmir and the Union Territory of Ladakh have been, are and will always remain integral and inalienable parts of India." President Zardari on the occasion of Independence Day approved the conferment of awards upon 104 Pakistani and foreign nationals in recognition of their services to Pakistan.

These awards will be given at a special ceremony on 23rd March next year.

Former Prime Minister Zulfikar Ali Bhutto, the founder of the Pakistan Peoples Party (PPP), will be conferred upon Nishan-e-Pakistan for his marvellous contribution to the field of public service.

Arshad Nadeem, Pakistan’s sensational javelin thrower who won the country’s first individual Olympics gold in 40 years, will get Hilal-e-Imtiaz, the second-highest civilian award.

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