PSDP to focus on water projects, building dams: Minister

ISLAMABAD: Minister for Planning and Development Ahsan Iqbal said government will make all out efforts to increase development budget of the country.

Addressing the launching the Economic Survey at a ceremony, the federal minister said in the next fiscal year Public Sector Development Program (PSDP) will focus on protecting water resources. He said under construction dams will be completed on fast track basis.

The minister said funds for Higher Education Commission will be increased and IT sector will be paid special attention. He said budget for HEC will be increased by 67 percent.

Highlighting government’s focus on CPEC projects, Ahsan Iqbal said projects under China Pakistan Economic Corridor (CPEC) will be completed speedily.

He said Special Economic Zones (SEZ) under the CPEC will be constructed which were ignored by previous government. He said upgradation of ML-1 railway line is an important project which will also be completed. He said government will also take steps to improve physical infrastructure of the country.

According to the Economic Survey, the agriculture sector recorded a growth of 4.40 percent as compared to the last year’s growth of 3.48 percent. The crops sector posted a growth of 6.58 percent against 5.96 percent of last year.

The cotton crop increased to 8.3 million bales, rice production increased to 9.3 million tons and sugarcane to 88.7 million. Maize production increased to 10.6 million tons whilst wheat production decreased from 27.5 million tons to 26.4 million tons.

The livestock posted a growth of 3.26 percent during the current fiscal year as compared to 2.38 percent during the same period last year. The fishing sector grew by 0.35 percent compared to growth of 0.73 percent in the same period last year. The forestry sector posted a positive growth of 6.13 percent against the negative growth of 0.45 percent last year.

The domestic production of fertilizers during the first nine months of current fiscal year increased by 1.9 percent over the same period last year.

During the first nine months of current fiscal year, the large scale manufacturing posted growth of 10.4 percent as compared to growth of 4.2 percent same period last year. The Mining and Quarrying sector remained negative at 4.47 percent as against the growth of 1.2 percent last year.

The Fiscal Deficit widened to 3.8 percent of GDP during the first nine months of this fiscal year against 3.0 percent in the previous period. Similarly, the primary balance posted a deficit of 447.2 billion rupees

Total revenues increased by 17.7 percent against 6.5 percent in the same period of last year. During the first ten months of current fiscal year, the FBR has been able to collect 4855.8 billion net tax revenues reflecting a growth of 28.5 percent.

According to the economic survey, the private sector credit witnessed an expansion of 1312.9 billion rupees during the first ten months of current fiscal year.

The Consumer Price Index inflation for the current fiscal year has been recorded at 11.3 percent as against 8.8 percent during the same period last year.

The other inflationary indicators like Sensitive Price Indicator recorded at 16.7 percent as against 13.5 percent last year. Wholesale Price Index was recorded at 23.6 percent compared to 8.4 percent same period last year.

As per the economic survey, the total public debt was recorded at Rs44,366 billion rupees the end of March this year. Domestic debt was recorded at 28,076 billion rupees, whilst external public debt was recorded at $88.8 billion.