The National Economic Council (NEC) Wednesday approved the annual targets for the upcoming fiscal year 2022-23 including the GDP growth target of 5 percent.
The NEC, presided over by Prime Minister Shehbaz Sharif, also approved various sectoral growth targets for FY23 including agriculture at 3.9 percent, industries at 5.9 percent, and services at 5.1 percent.
The council also approved the macroeconomic framework for 2022-23. The Public Sector Development Plan (PSDP) of Rs. 800 billion for the upcoming fiscal year was also approved by the Council.
The Council decided that 60 percent of the total development budget would be spent on ongoing projects, while the remaining budget would be spent on new schemes.
The NEC was told that only Rs. 550 was spent from the development budget of Rs. 900 billion during the ongoing fiscal year 2021-22.
The premier while addressing the Council said that the forum reflected national unity and its basic objective was to boost national harmony to strengthen the federation.
He said that it was the joint responsibility center and the provinces to play their part in balanced regional development to minimize inequality.
The prime minister said that the government was fully cognizant of the problems posed due to the international economic environment and the country’s precarious economic situation. He said that the situation was difficult but the government was committed to addressing the challenges and was taking all measures needed to put the economy back on track.
The premier directed that efforts should be made to ensure the supply of essential items and check inflation. He said that all provinces should take adequate measures in this respect. He added that the expansion of the agriculture sector would be in special focus.
The Council also approved various revised development projects approved under the Central Development Working Party (CDWP), Executive Committee of the National Economic Council (ECNEC), and Divisional Development Working Party (DDWP).
