The agricultural sector had bumper crops, with dairy and livestock performing best, revenue collection increasing by 30 percent.
Web Desk (Wednesday, June 12, 2024)
Presenting Economic Survey of Pakistan 2023-24, Finance Minister Muhammad Aurangzeb said that in the fiscal year 2022-23, Pakistan’s GDP decreased by 0.2 percent while the value of the rupee decreased by 29 percent, but in the fiscal year 2023-24, Pakistan’s GDP is 2.38 Percentage remained. Inflation rate has come down from 48% to 11%, it will come to single digit soon, the policy rate should come down gradually, it is because of the decrease in inflation that the State Bank has reduced the interest rate.
Presenting the Economic Survey on Tuesday, the finance minister said the GDP grew by 2.4 per cent during 2023-24 (July-March), which is lower than the target of 3.5 per cent for the financial year 2022-23. Looking at the policy rate (interest rate) in single digits next year.
In the press conference for the release of the economic survey, Mohammad Aurangzeb said that according to the Economic Survey, the agricultural sector had bumper crops, with dairy and livestock performing best, revenue collection increasing by 30 percent.
The Economic Survey said that during the fiscal year, per capita income increased by $129 to $1,680. Last year the per capita income was 1551 dollars.
According to the economic survey, the value of the rupee is being stabilized, Handi reference smuggling has been stopped in the caretaker government, the State Bank has played an important role, efforts are being made to prevent speculation from coming back to the country.
The finance minister said that the foreign exchange reserves were for 2 months of imports, today the foreign exchange reserves are 9 billion dollars, the full credit goes to the State Bank, the next financial year will start very well, inflation has reached 48 percent.
There was, but now the number has come to 11.8 percent in May, I think that is very significant, because of that, along with core inflation, food prices have come down.
Mohammad Aurangzeb said that the policy rate was reduced yesterday due to the decrease in inflation, the monetary policy has its own perspective in this regard and it is estimated that the inflation rate should be less than 10 percent at the beginning of the next financial year. will go and if this happens then the policy rate should come down gradually.
Finance Minister said that next year we are looking at the monetary policy in single digits, the policy rate should come down gradually, discussions with the IMF are going on, we have made a commitment on reforms, we have to increase tax to GDP.