The government is all set to present its second Federal Budget with an outlay of about Rs 3.8 trillion for Fiscal Year 2014-15 before the Parliament today (Tuesday). Finance Minister Senator Muhammad Ishaq Dar while launching the Economic Survey of Pakistan on Monday said the country s economy grew by 4.14 per cent during fiscal year 2013 14 against 3.6 per cent last year (2012 13) despite various challenges.
The country attained 4.14 per cent growth in the outgoing fiscal year which is the highest one (in six years) since 2008 09, he said. He was flanked by Secretary Finance Waqar Masood Advisor to the Finance Ministry Rana Asad Amin and other officials. Dar said during the first year in office the government laid the foundation and now onward there would be economic growth which would lead to prosperity through poverty alleviation. He said the survey depicted that the economy turned around due to government s serious economic agenda and its sincere efforts to implement it.
The survey, he said, also revealed that early positive results particularly stabilizing foreign exchange reserves appreciation of exchange rate stability in prices despite heavy adjustments remarkable industrial growth on account of improved energy supply exceptional increase in remittances historical heights of Karachi Stock Exchange shift in market based (T Bills and PIB) public debt toward medium to long term successful launching of Euro Bond and auction of 3G and 4G licences helped in turning around the economy. The international financial institutions were acknowledging and appreciating the positive improvements in national economy he said. Ishaq Dar said the government had already fixed 1 per cent per annum GDP growth for next three years and accordingly the growth rate would reach 7 per cent by 2016 17.
He said due to smooth electricity supply and gas to the industrial sector the large scale manufacturing sector recorded 5.84 per cent growth against last year s 1.37 per cent. The minister said manufacturing sector grew by 5.13 per cent as compared to 0.84 per cent last year while electricity and gas generation grew by 3.72 per cent against negative growth of 16.33 per cent during previous year. Dar said construction industry grew by 11.31 per cent against negative growth of 1.68 per cent last year while services sector witnessed 4.29 per cent growth as compared to last year s 4.85 per cent. The real impact of services sector s growth would be further seen during the coming year due to the auction of 3G and 4G spectrum licenses and other measures taken by the government he added. -thenews