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NEC sets GDP growth target at 5pc for next fiscal year

The National Economic Council has approved Macro-Economic Framework for next fiscal year.

The approval was granted at a meeting of the council held in Islamabad on Wednesday with Prime Minister Shehbaz Sharif in the chair.

The NEC approved annual targets for the next fiscal year and the economic growth target has been set at five percent which will be increased to six percent.

The growth target for the agriculture sector was set at 3.9 percent, industry at 5.9 percent and services sector at 5.1 percent.

The Prime Minister directed the relevant authorities to make concerted efforts to ensure the supply of essential commodities and all the provinces should take steps to and curtail inflation. He said special attention should be paid to the growth of agriculture sector.

The Review of Development Budget for the current fiscal year was presented to the Council and it was informed that a development budget of 900 billion rupees was set for this financial year.

But, only Rs 550 billion could be spent due to the Corona pandemic, which obstructed the economic and development activities.

The Council also approved a proposal to allocate a development budget of 800 billion rupees for the upcoming financial year.

Courtesy Bol News

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