The government has set a growth target of 4.8 percent for the next fiscal year 2021-22, as announced by the Minister for Planning and Development, Asad Umar, at a news conference in Islamabad on Friday.
He said the growth of 3.94 percent for the current fiscal year was driven by the productive sector, and that the government is ensuring quality and sustained growth.
The minister remarked that the main pillars of growth for the next fiscal year will be exports, industries, construction, IT, agriculture, poultry, and remittances.
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Regarding the cotton crop, he 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 added that the government is forecasting a boost in electricity consumption due to increased industrial activity; and that 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.
Minister Umar said there has been a record growth in the remittances this year, which is expected to touch $29.1 billion by the close of this fiscal year, and that the government is estimating that they will increase to $31.3 billion next year.
He further stated that 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 remarked that it would be the government’s endeavor to fully utilize the PSDP amount that will contribute to the growth figure, and that Rs. 1 trillion of projects will be initiated next year through public-private partnerships.
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While giving an overview of the development spending for the next fiscal year, Minister Umar said they entail the road infrastructure projects, including the Hyderabad-Sukkur motorway.
He said that the packages announced for Karachi, and the selected districts of Sindh, Balochistan, and Gilgit-Baltistan will be financed from the PSDP. Similarly, the funds for the construction of dams will be provided from the development plan.
The minister revealed that Rs. 28 billion would be allocated for health, and Rs. 37 billion for the Higher Education Commission, and that the said Rs. 5 billion has also been allocated for the Skills Education program.
He also stated that the current account deficit for the next fiscal year has been estimated at 0.07 percent.
