Punjab to achieve 7-8 percent GDP growth in fiscal year 2007

Punjab province, while maintaining its uptrend in development endeavour would achieve the GDP growth target of 7-8 percent in the fiscal year 2006-07. Punjab Chief Minister Chaudhry Pervaiz Elahi averred this in a pre-budget briefing to media, here on Tuesday.
Talking about the GDP growth rate of the province in year 2005-06, he said during the year, Punjab's GDP (at constant factor cost of 1999-2000) had been estimated at Rs 2855 billion which is almost 59.1 percent of the national GDP.
In terms of share in nation's GDP, Punjab had accounted for 59.3 percent of services, 60.9 percent of the whole sale and retail trade, 55.2 percent of agriculture and 63.9 percent of manufacturing. 'Our province has contributed more than 50-percent of the country's GDP in almost all the major sectors', he added.
Giving account of resource picture of the province in fiscal year 2005-06, he dilated that province's revenue budget increased to Rs 224 billion with a revenue surplus of Rs 66 billion.
The CM oozing with hope said that keeping on the good path set earlier, in the financial year 2006-07, Punjab's revenue budget was projected at Rs 274 billion showing a revenue surplus of Rs 83 billion. 'This surplus is expected to increase to Rs 91 billion through contributions of the capital and public account of the Province', he added.
Projecting on Punjab's Annual Development Programme for year 2006-07, he said that with annual foreign assistance of Rs 9 billion, it would be Rs 100 billion. He said in per capita terms, province's development expenditure on every citizen would remain at Rs .1152 per annum, registering a 582-percent increase over 1999-2000.
Quoting authenticity of Labour Force Survey, he said that it was matter of happiness that 3.5 million new jobs were created in the province. Giving sector wise account of that, he said, the jobs created were in agriculture 60-percent; services 20-percent, manufacturing 14-percent; construction related industries 6-percent, he disclosed.
Stating positive impact of economic growth and resultant employment, the CM said this factor made a positive impact on poverty reduction in Punjab. 'From the base year 2001 till 2005, poverty in Punjab declined by 11-percent meaning thereby that seven million people moved out of the below-poverty line category', he pointed.
Stating that in view of better wheat productivity and existing reserves position, Punjab had asked federal government to export five million tons of wheat. On support price offered on wheat to the farmers, he said that Rs 415 per 40-kg was given to commodity producers in the province.
He said that besides reduction of 5-percent mark up on agricultural loans to farmers, the provincial government progressively increased agricultural sector loaning through the Bank of Punjab from Rs 159 million in 2001-02 to Rs 4.8 billion in 2005-06.
Averring further, the CM said that amongst major steps in improving agriculture sector, income from up to 12.5 acres holdings were exempted from Agricultural Income Tax. Apart from distributing 100,000 acres of land to land less and introducing first ever crop insurance scheme, Rs 2.5 billion as soft-term loans were given to live stock farmers for creating self employment and improving income, he added.
Highlighting his government good work in education sector, the CM disclosed that besides granting charters to 15 new universities in private sector, establishment of 6 new universities in public sector had been made.
'The provincial government had up-graded 81 schools to higher secondary level. Up-gradation was undertaken in 82 new colleges in the province', he said. He said besides other steps in education sector development, there had been provision of missing facilities in 25,000 government schools at a cost of Rs 9 billion undertaken by his government. He said Punjab would achieve 100-percent literacy rate much earlier to 2020 due to its excellent development in education sector.
He said during the present government tenure Cardiac Center had been established at Multan, Faisalabad and Wazirabad. He said with strengthening of DHQ and THQ hospitals; improvement in nursing education; increase in pays of doctors; incentives for rural doctors and introduction of effective and modern ambulance service at Lahore had been undertaken by the present government.