The government has set a growth target of 4.8 percent for the next fiscal year 2021-22.
This was announced by Minister for Planning and Development Asad Umar at a news conference in Islamabad on Friday.
The Minister for Planning said the growth of 3.94 percent for the current fiscal year was driven by the productive sector. He said the government is ensuring quality and sustained growth.
The minister said that the main pillars of growth for the next fiscal year will be exports, industries, construction, IT, agriculture, poultry, and remittances.
As regards the cotton crop, the Minister for Planning said it is estimated to be 10.50 million bales for the next year due to the provision of quality seeds and pesticides to the farmers.
He said we are also forecasting a boost in electricity consumption due to increased industrial activity. He said the exports which are expected to be $25.2 billion during the current fiscal year are estimated to increase to $26.8 billion in the next fiscal year.
He said there has been record growth in remittances this year which is expected to touch $29.1 billion by the close of this fiscal year. He said we are estimating that these will increase to $31.3 billion next year.
Asad Umar said the annual development plan, the PSDP, is being enhanced to Rs. 900 billion for the next fiscal year from the current year’s Rs. 650 billion.
He said it will be our endeavor to fully utilize the PSDP amount which will contribute to the growth figure. He said Rs. 1 trillion of projects will be initiated next year through public-private partnerships.
ALSO READ
Pakistan’s GDP Estimated to Grow by 3.94% in FY2021
Giving an overview of the development spending for the next fiscal year, Asad Umar said these envisage road infrastructure projects including the Hyderabad-Sukkur motorway.
He said the packages announced for Karachi, and select districts of Sindh and Balochistan and Gilgit-Baltistan will be financed from the PSDP. Similarly, funds will be provided from the development plan for the construction of dams.
He said that Rs. 28 billion will be allocated for health and Rs. 37 billion for the Higher Education Commission. He said Rs. 5 billion have also been allocated for the Skills Education program.
The Minister for Planning said the current account deficit for the next fiscal year has been estimated at 0.07 percent.
The post Growth Target for Next Fiscal Year Set at 4.8% appeared first on .
