PTI government targets 6% GDP growth rate
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin on Sunday said that GDP growth at 3.94 percent during the current fiscal year (2020-21) was calculated in a transparent manner, predicting that the economy – based on the current trend – would grow by five percent in 2021-22 and six percent during 2022-23.
Addressing a virtual press briefing, he said that it was due to the prudent policies of the incumbent government that this growth was achieved despite tough International Monetary Fund (IMF) conditions. He said that the focus of the government had been on housing, agriculture and export sector that delivered these results.
The finance minister said that the government had identified 12 sectors and formulated short, medium and long term strategies to achieve inclusive sustainable economic growth and social prosperity, with special focus on housing, agriculture and promotion of export industry were on prime focus.
He said that development of these sector would not only bring sustainability in nation economy, but would help in achieving sustainable economic growth for the welfare of common man in the country. He said that the COVID-19 pandemic had effected the global economies and it also put negative impact on national economy.
IMF’S TOUGH CONDITIONS
Shaukat Tarin said that the prudent polices of Prime Minister Imran Khan helped in steering out the economy from the crisis in a fair manner and put it on path of sustainable economic development. In order to fulfill the fiscal requirements, the government had to initiate a programme with IMF and this time the fund introduced tough conditions like increase in tariff, exchange rate and interest rates that also influenced the national economy, he said.
He said that a well thought-out federal budget for the fiscal year 2021-22 would be presented in the start of the next month. He said that the budget envisages provision of maximum relief to common man in tax and electricity tariff. He said that no more tax burden to be put on those who were already paying tax.
He said that innovative substitutes would be introduced to achieve the revenue targets, by providing different incentives and facilities, besides broadening the tax base. To a question, he said that rising trend in food commodities was a global phenomenon. He said that strategy was evolved in order to provide maximum relief to common man, particularly saving them from inflationary shocks and taking some short-term steps like operation against hoarders to overcome the issue of artificial shortages.