Summary Finance Minister said that the target of generating income from tax revenue had not been met as well
ISLAMABAD (Dunya News) – Finance Minister Ishaq Dar released the report on current fiscal year’s economic growth on Thursday. Economic growth for the current fiscal year could not be achieved yet the growth rate remained the highest as compared to the last 7 years, reported Dunya News.
Releasing the report for the fiscal year 2014-2015, Finance Minister Ishaq Dar said that the rate of economic growth reached 4.20 % which is the highest as compared to the last 7 years.
Finance Minister Dar said that the target of generating income from tax revenue had also not been met.
He said that during previous fiscal year, 2006 arab rupees had been generated from taxes adding that government had set the target for inflation at 8% however inflation had remained below the set target.
Finance Minister Dar said that per capita income had been increased by 128 dollars in the past year adding that per capita income will stand at 1513 dollars at the end of the year.
Government had provided support of over 97 arab rupees in cash to 3 crore people. The support will increase in next year, according to report.
Load shedding could not be ended in the current year however promises have been made to eliminate in the coming fiscal year.
Report states that projects producing 3600 megawatts of energy by consumption of LNG will be finished in 2017.
Infrastructure will be deployed to transport LNG from ports to power plants for which investment of 116 arab rupees will be made.
According to the economic report, an estimated loss of 107 arab rupees has been incurred due to terrorism.
Exports of machinery and raw materials have increased which is good for the economy.
Foreign investment in the country has decreased during the current fiscal year.
Agricluture sector also painted a bleak picture as it failed to make significant progress.
During the first 10 months of the current fiscal year, overseas Pakistanis sent remittances of 15 arab dollars, according to the report.
