Finance Minister Shaukat Tarin has predicting that based on the current trend the GDP growth would be 5 percent in 2021-22 and 6 percent during 2022-23.
Finance Minister Shaukat Tarin has said that Pakistan had been following the trickle-down approach regarding the economic development of the country but now the bottom-up approach would be adopted as well and Prime Minister Imran Khan will take a big step which would not only focus on the trickle-down approach but also incorporate the bottom-up approach.
While addressing a virtual press conference on Sunday he said that after taking the responsibilities as Finance Minister, short term, medium-term and long term planning has been done on out of some 12 sectors and the same would be presented to the Prime Minister by the end of this month.
Tarin foresees 5 percent GDP growth in current FY
He said that a 3.94% growth rate during the current fiscal year was factual as it was based upon in a transparent manner. The Finance Minister added that there would be a 5% GDP growth rate during the fiscal year 2021-22 and 6% during the fiscal year 2022-23.
The Finance Minister said that there would be no additional tax and measures would be taken for the relief of the common man in the forthcoming budget which will be presented in June.
He said that the increase in exports and decrease in imports would help in producing the import substitutes which will release pressure on the domestic foreign exchange reserves.
The Minister said that the measures would be taken to encourage the people to keep their savings in banks so that the same could be used for productive purposes. He said that the money, collected from across the country would be spent on the respective provinces.
Tarin concluded by saying that the housing sector is being strengthened so that the housing needs of the people could be fulfilled.
He said that the government was taking all measures to absorb maximum workforce on jobs and local industry would be encouraged to go for the quality products so as to increase exports and reduce imports.