Govt Sets Wild Targets for Overall Growth in 2023-24

The government had approved a GDP growth target of an estimated 3.5 percent for the 2023-24 financial year (FY24).

According to the Annual Development Plan for the new financial year, the government has fixed a target of 3.5 percent for the agriculture sector, a 3 percent growth target for important crops, and a 7.2 percent growth target for cotton ginning, as per official documents seen by ProPakistani.

Authorities have approved a growth target of 3.6 percent for livestock, 3 percent for forestry, and another 3 percent for fishing.

The document reveals the annual development plan estimates growth of 3.4 percent for the industrial sector in the new fiscal year. In this sector, the government expects mining & quarrying to jump by 1.2 percent, overall manufacturing to grow by 4.3 percent, electricity generation & gas distribution by 2.2 percent, and construction by 1.5 percent.

The government has also approved a 3.6 percent growth target for the Services sector. Wholesale & retail trade is expected to grow by 2.8 percent; transport, storage & communication by 3.5 percent; accommodation & food services activities by 4.1 percent, information & communication by 5 percent, financial and insurance activities by 3.7 percent, and real estate activities by 3.6 percent.

According to the document, the government has approved a growth target of 3 percent for education, another 3 percent for human health and social work activities, 3.2 percent for public administration and social security, and 5 percent for other private services.

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