ISLAMABAD: The target for the gross domestic product (GDP) growth has been set at 4.8 percent for the upcoming fiscal year 2021-22, according to the Budget document.
According to details, the agriculture sector growth rate has been set at 5 percent and for important crops, the growth rate has been forecast at 2.2 percent.
The growth rate for cotton has been proposed at 10% and for the industrial sector, the growth rate has been set at 6.5 percent, while 6.2% has been estimated for the manufacturing sector.
Growth target for the large manufacturing sector has been proposed at six percent, while for the construction sector it has been projected at 8.3 percent.
Pakistan Tehreek-e-Insaf government will present its third budget for the fiscal year 2021-22, with an estimated outlay of around Rs8 trillion. The budget is being prepared in close coordination between all departments and ministries involved in budget related events.
The government is likely to set the revenue collection target at Rs5.8 trillion for the fiscal year 2021-22. Like last year, the budget for the upcoming year has been formulated considering the impact of COVID-19 on the people and businesses of the country to mitigate people’s sufferings, reforming agriculture sector, promoting industry and businesses would be the main focus of the document.
Meanwhile, Finance Minister Shaukat Tarin on Thursday launched Pakistan Economic Survey (2020-21), which highlighted that the country’s economy was on growth path and witnessed 3.8 percent growth despite negative impacts of the coronavirus pandemic, which had hit hard the world economies.
