Economy on path of development: Farrukh

Minister of State for Information and Broadcasting Farrukh Habib said on Friday that the national economy was on the path of development under the leadership of Prime Minister Imran Khan.

In a tweet, the minister said that in the first quarter of the current financial year, remittances increased by 12.5% and stood at $8 billion whereas exports increased by 38%.

He said that the FBR has collected Rs1,395 billion in taxes in the first quarter, up by 38 percent.

Farrukh said that textile exports rose by 28% to the US $4.437 billion whereas exports have risen by 42.7% to the US $635 million.

"After 30 years, a prime minister has turned his attention towards the agriculture sector and surplus produce would ensure Pakistan’s food security," he said.

The minister also said that sugarcane production was expected to increase by 25%, maize by 18%, cotton by 60%, and rice by 18%.

Relief could be seen through lower prices of essential commodities: Fawad

He hoped that next year wheat production would also increase.

On Wednesday, stressing that the impact of the increase in energy prices would be felt less by the public as rates of essential items are on a decline, Information Minister Fawad Chaudhry had said that if the downward trend continues, there would be some relief for the masses.

Asad Umar says inflation expected to remain high till at least March

Fawad said that sugar prices were coming down and would reduce further once the crushing season begins.

However, earlier this week, Minister for Planning, Development, and Special Initiatives Asad Umar had said that it could take at least five months for the increase in global commodity prices to head towards normalcy.

However, Umar said that a programme has been prepared to extend targeted subsidies on essential commodities to the marginalised segments of society.