Development budget worth Rs 1675 bn approved in NEC meeting
Target for economic growth was set at 5.7% for upcoming fiscal year
LONDON/ISLAMABAD (Dunya News) – Prime Minister (PM) Nawaz Sharif presided over meeting of the National Economic Council (NEC) through a video link on Monday. Approval of developmental budget worth Rs 1675 billion along with setting the target for economic growth at 5.7% for the fiscal year 2016-17 was given in the meeting, reported Dunya News.
It was decided in the meeting that the inflation rate shall be kept at 6% whereas the target for the agricultural development growth shall be kept at 3.4%.
Furthermore, it was decided to keep the livestock growth at 4%, fisheries growth at 3% and to reserve 4% for the forests. Approval to maintain industrial development at 7.6% was also given in the meeting whereas growth rate of heavy industries was set at 5.9%.
Likewise, growth rate for developmental sector was set at 13.2%. Approval to increase target for electricity and gas development was maintained at 12.5%. It was decided that the growth rate in the services sector shall be set at 5.7% whereas that of the transport sector and whole-sale and retail shall be kept at 5.1% and 5.5% respectively. Growth rate for banking and insurance was set at 7.2% for the upcoming fiscal year.
PM Nawaz Sharif presided over the meeting through a video link. He stated that he was unable to be a part of the meeting because of his bad health. "God willing, (I) will soon return back to the nation in the country", he said. He added that he can foresee a very bright future of the country, further stating that the government has achieved quite wonderful progress in the field of economy within brief time period.
He said that the Gross Domestic Product (GDP) rate of the country remained at 4.71% during the ongoing year whereas it was maintained at 4% during past 3 years. PM lauded the efforts of Minister of Planning and Development Ahsan Iqbal and his team. He further stated that work is being done in regards to various energy projects through the China-Pakistan Economic Corridor (CPEC) project. Prime Minister Nawaz Sharif said that constant development is being made in the national growth rate.
Attendants of the meeting prayed for the health of PM Nawaz and expressed their best wishes for his quick recovery.
Addressing to Cabinet, PM praised Finance Minister Ishaq Dar and also directed to take initiatives for farmer’s package. PM hoped to regain health and repeated to
continue his vision for a better and developed Pakistan. He thanked the entire nation and their prayers for his health recovery. Talking to media outside Pakistani High Commission he said that he had travelled abroad for medical treatment against his will.
PM said that GDP growth would have increased to one pc if the government could meet agricultural targets in the given time. Such medium to address leaders had been the best way in provided conditions and the budget had been presented before the cabinet, PM answered to Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan.
