Fiscal Year 2016 FDI soars by 106 percent YoY, National Assembly told

The Foreign Direct Investment (FDI) increased by 106 percent to $1,901.2 million during the financial year 2015-16 from $922.9 million in the fiscal year 2014-15. The Minister In-charge of the Prime Minister's Office informed this to the National Assembly during the Question Hour on Wednesday. He said there has been fluctuation in FDI for the last five years, but it is not continuously decreasing.
To another question, Minister for Finance, Revenue and Economic Affairs Senator Ishaq Dar informed the house that the net amount collected from taxes by the Federal Board of Revenue as on 30th June 2015 was Rs 2,589.9 billion and the net amount collected during 1st to 30th July 2016 was Rs 151.9 billion. The income tax refund claims for fiscal year 2014-15 were Rs 81,280 million of corporate sector with 1,415 refund claims and Rs 7,151 million of non-corporate sector with 34,563 refund claims, he said.
The amount of sales tax refund of registered persons as on June 30, 2015 was Rs 88,731 billion with 67,536 refund claims, the minister informed the House. Parliamentary Secretary for Finance Rana Muhammad Afzal Khan informed the Lower House that the government is actively working to encourage foreign investors to view Pakistan as a long-term investment destination.
With relatively young population and a consumption-driven economy, Pakistan offers foreign investors a ready market, he said, adding the government has announced various incentives to foreign investors including no restrictions on withdrawal of investment or repatriation of profits, duty-free import of textile machinery, and a lower duty rate for import of machinery related to food sector.
Rana Afzal said the better law and order is a prerequisite for foreign investment, which has reasonably been improved in the country. He said China-Pakistan Economic Corridor will be a game changer in the region and attract other foreign investors to Pakistan. He said uninterrupted power supply is being ensured to industrial sector for economic growth. To another question, Minister of State for Interior Muhammad Balighur Rehman informed the House that the government has initiated a process to improve criminal justice system. He said all stakeholders, including the four provinces, Azad Kashmir and Gilgit-Baltistan, have agreed on terms of reference (ToRs) regarding revamping the criminal justice system under the point 20 of National Action Plan. He said the final shape of the findings would be completed by the end of this year.
Minister for Planning, Development and Reform Ahsan Iqbal informed the House that according to the latest available estimates based on Cost of Basic Needs 2013-14 using Household Integrated Economic Survey data, 29.5 percent of the population is below poverty line, which translates to approximately 55 million people. He said the latest methodology uses Cost of Basic Needs (CBN) which means a minimum consumption bundle comprised food and non-food essential consumables necessary to live.
Pakistan's poverty line using CBN method and monetizing the consumption bundle of 2350 kcal is set up at Rs 3,030 per adult equivalent per month, he said, adding if a person's earning is less than Rs 3,030 per month, he/she is considered below the poverty line.