ISLAMABAD: Energy Minister Hammad Azhar on Thursday expressed hope that the national economy will grow at 5.4 per cent during the current fiscal.
Addressing a press conference here, the Minister today said there is good news for the national economy as it registered a growth of 5.37 per cent as against the estimated growth of 3.9 per cent during the previous year.
He said that the national economy not only registered a steady growth, but the country's exports, remittances and foreign reserves also witnessed growth during the said period. He expressed hope that the country's exports would not only cross the benchmark of $30 billion, but foreign remittances would be above $30 billion during the current financial year.
He said that in addition to reducing the circular loan flow to 130 billion rupees during the last year, debt of $10-11 billion has also been returned. The minister said the PMLN achieved a growth of 5.4 per cent during the last year of its tenure, but apart from a sharp decline in exports, circular credit inflows were around Rs 450 billion and the country had the highest current account deficit of $20 billion.
He said that all credit agencies had also lowered Pakistan's ranking during the PML-N last year. Not only did the PTI government achieve a growth of 5.37 per cent during its third year of rule, but the current account deficit also remained below $2 billion, he said.
He said that there was a sharp increase in foreign remittances and revenue collection also registered a growth of 35 per cent during the previous year. He said the government had to take "tough decisions" to stabilize the economy.
He said the prudent policies of the government saw an increase in the country's reserves, exports and international rating agencies upgraded Pakistan's economic outlook. Hammad said that during the said period the agriculture sector registered a growth of 3.5 per cent, large scale industry at 7.8 per cent and service sector by 5.8 per cent.
He said that the PTI government has inherited a fragile and weak economy. Responding to a question, he said that due to the boom in manufacturing sector on a large scale, employment opportunities are also increasing. The government has increased the support price of wheat from Rs 1,300 to Rs 2,000 per manna.
The government has also extended two programs including Ehsaas and Insaaf health cards to provide maximum relief to the public. Replying to another question, he said that there is a complete ban on new gas connections across the country.
The ban was not imposed for the first time, but the PPP government also banned new connections in 2011 and continued till 2017. However, the PML-N government lifted the ban during its final year on political grounds, he said. Regarding shortage of urea, he said that more than 450,000 bags are being produced per day.
Addressing a press conference at the Circuit House in Faisalabad, Federal Planning, Development and Special Initiatives Minister Asad Umar meanwhile said that the record economic growth has put the country on the path of progress and prosperity despite the Corona pandemic and global inflation. Is.
He said that the GDP growth rate during the first three quarters of last year was 3.94 per cent which increased to 5.37 per cent during the last quarter of 2020-21. He said that this is the second fastest growth ratio in the country during the last 14 years.
Regarding COVID-19, he said that it had contracted the global economies, but the national economy in Pakistan made tremendous progress only because of the prudent policies of the government.
He referred to three surveys conducted by the famous UK magazine and said that Pakistan was ranked third in the first survey; Then it jumped to the first position in the second survey and now it is in the second position in the third survey. "This indicates the excellent performance of the national economy as Pakistan, one of the top three economies in the world, has made phenomenal progress during the pandemic.