The government has projected a growth target of 4.8 percent for the next fiscal year 2021-22.
Minister for Planning and Development Asad Umar announced at a news conference in Islamabad on Friday.
The Minister stated the growth of 3.94 percent for the current fiscal year was driven by the productive sector. He said the government is ensuring quality and sustained growth.
The minister said that the main factors of growth for the next fiscal year will be exports, industries, construction, IT, agriculture, poultry, and remittances.
In reference to cotton crop, the Minister for Planning 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 further added that we are also forecasting a rise in electricity consumption due to increased industrial activity. He said the exports which are expected to be $25.2 billion during the current fiscal year are expected to increase to $26.8 billion in the next fiscal year.
He mentioned that a record growth has been observed in remittances this year which is estimated to touch $29.1 billion by the end of this fiscal year. He said we are estimating that these will increase to $31.3 billion next year.
Asad Umar claimed the annual development plan, the PSDP, is being increased to Rs. 900 billion for the next fiscal year from the current year’s Rs. 650 billion.
He said it will be our mission to fully utilize the PSDP amount which will contribute to the growth figure. He said Rs. 1 trillion of projects will be initiated next year through public-private partnerships.