Haroon asks opposition not to politicize national economy

ISLAMABAD: Brushing aside the opposition's demand for clamping economic emergency, Special Assistant to the Prime Minister on Revenue Haroon Akhtar Monday called for not politicizing the national economy merely for point coring as it would impede the country’s progress.

Taking part in the budget debate in Senate, he said the opposition should not do politics on the economy. The gross domestic product (GDP) was considered the main indicator in the economy of any country and the incumbent government had succeeded to enhance the GDP growth rate from 3.6 per cent to 5.79 per cent, which was the highest in last13 years, he added.

With the projected GDP growth rate of 5.79 per cent during the current fiscal year, Pakistan was now one of the fastest growing economies of the world, he said.

Haroon Akhtar said exports had also witnessed an increase by 13 per cent in first nine months of the current fiscal year and 24 per cent in March on shipment basis.

The allocation for Benazir Income Support Progamme (BISP) had been raised to Rs 124.7 billion for the fiscal year 2018-19, he added.

He said the country’s wheat production was 24.21 million metric tons in 2013, which had now reached over 25.5 million metric tons. Similarly, rice production was 5.54 million metric tons which had now jumped to 7.44 million metric tons, he added.

The Pakistan Muslim League-N (PML-N) government had inherited over 8 per cent inflation rate (consumer product index) which had now been brought down to 3.78 per cent, he said.

The Special Assistant said foreign remittances were $ 13 billion in 2013, which had now crossed over $ 20 billion. Similarly, the foreign direct investment (FDI) was merely $ 1 billion in 2013, which had now surged to over $ 3 billion.

He said the per capita income had also witnessed a sharp increase from $ 1,333 to $1,640. Despite political turmoil, the stock exchange index also surged to 45,877 from 19,916.

Haroon said the government in five years added 12,230 MW to the national grid and would invest Rs 138 billion more in the power sector. In next 5-7 years, additional 10,000 MW electricity would be added to the national grid, he said.

He said external debt was also being gradually reduced while massive measures were taken to boost the exports.

He said $ 57 billion foreign investment under China Pakistan Economic Corridor (CPEC) was being carried out in the country as new airports, motorways and power plants were being set up. The multi-national companies were also keen to invest in Pakistan, he added.

He said the Federal Board of Revenue (FBR) had achieved its revenue target and expressed the hope that the target set for next fiscal year would also be achieved.

He said fiscal deficit had also been reduced from 5.2 per cent to 4.9 per cent.