It’s about time country’s economy outperformed India’s, PM tells Cabinet

ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday that after defeating India in conventional warfare, the country must now outperform it economically, noting that Pakistan has reached a position of economic take-off with satisfactory indicators.

Addressing a meeting of the federal cabinet before approving the fiscal budget for 2025-26, PM Sharif stated that the cabinet would deliberate on and approve the new budget.

He highlighted that all economic indicators were stable and satisfactory due to the government’s efforts, the sacrifices of the people, and stakeholders contributing to the national economy’s health.

Sharif acknowledged that the nation faced a hard situation and challenges over the past one and a quarter year, but steering the country out of them was no ordinary achievement.

He noted that the common man and the salaried class had made sacrifices, with the salaried class contributing about Rs400 billion to the national kitty in taxes, questioning how much the wealthy and opulent had given.

PM Sharif further observed that due to the nation’s sacrifices and the government’s striving, Pakistan had reached a point of take-off with satisfactory stability indicators.

He said that exports and remittances had increased significantly, with IT exports showing continuous growth, emphasising the potential for further growth in these sectors.

He expressed concern for the people of Palestine and Indian Illegally Occupied Jammu and Kashmir (IIOJK), facing what he termed the worst kind of tyranny and barbarism, calling for immediate ceasefire in Gaza and stressing that influential countries should ensure it. PM Sharif reiterated that it was time for influential countries to ensure immediate ceasefire in Gaza, where the blood of innocent people was being shed. He expressed strong conviction that the people of Palestine and Kashmir would achieve freedom, having made unprecedented sacrifices.

He asserted that Pakistan would prevent India from weaponising water resources and would take all necessary steps to ensure uninterrupted access to its water share, adding that India was already unable to do so. He noted that if the same national unity and passion displayed during the armed conflict were applied to the economic sphere, Pakistan could achieve its objectives, stating that nothing was impossible. He appreciated Deputy Prime Minister Ishaq Dar and provincial governments for their consultations on the water storage issue.

He also commended Finance Minister Muhammad Aurangzeb, his team, and all stakeholders for their efforts in preparing the fiscal budget for the upcoming year.

Earlier in the day, the cabinet, chaired by the prime minister, approved the federal budget for the 2025-26 fiscal year.

Copyright Business Recorder, 2025