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GDP growth improves to 5.1 percent: Prime Minister

Prime Minister Nawaz Sharif has said that the economic position of Pakistan has improved as compared to last year. Last year the GDP growth for July-September was 2.9 percent, while this year it is 5.1 percent. We want to take GDP rate to 7 percent in next four years, he added.

Prime Minister said this while talking to a group of parliamentarians from Sahiwal and Multan Divisions who called on him on Friday. The PM said that we received the economy in bad shape, adding that economy was better in 1991 and we were at parity with our neighbouring countries and even ahead in some aspects. But lack of decisions on important projects has led us to the situation we are facing today.

He said that the decision of status of GSP plus is an example of our endeavours to change the track of economy from aid to trade. Apart from textile it will also benefit other sectors like leather industry. The PM said that ADB supportive decision to invest in Jamshoro Coal Power Plant will also pave way for investment in Gadani Coal Power Project. This will have a positive impact on our economy. And we will be able to achieve our energy targets within 3-4 years.

The PM said that the newly launched Youth Business loan Scheme will benefit around three million people in first phase. He said that certain people are raising concerns on this project that the inexperienced youth will waste the loan. Nawaz said that this does not mean that we should not initiate any new scheme, adding that youth of this nation is more responsible and I believe that they will utilise the loan in an effective manner.

He said that banks have been giving large loans to big industrialists, but now we also need to trust and invest in small and medium enterprises, as SMEs are the backbone of USA, Japan and Germen economy.

Nawaz Sharif said that the electricity problem has seen some relief due to payment of the circular debt and by taking administrative measures and rectifying the issues. But this problem cannot be solved overnight and need constant efforts. We have made long-term as well as short-term plans to overcome energy shortages, he added. Addressing the issue of terrorism, he said that we have chosen the path of dialogue according to the decision taken in APC and expressed the hope that the dialogue will bear fruit. He said that the operation in Karachi is being carried out successfully, adding that we have made necessary legislation to bring the culprits before the law, so that they can be held for their misdeeds. The parliamentarians showed confidence in the leadership of Nawaz Sharif and said that the revolutionary steps taken by him would change the destiny of the country.-PR

Copyright Business Recorder, 2013