NEC to target 4.8% GDP growth for next fiscal year

A statement from Prime Minister’s office stated on Monday that The National Economic Council (NEC) has targeted the gross domestic product (GDP) growth at 4.8% for the next fiscal year.

The advancement came during a meeting of the NEC in Islamabad, with PM Imran Khan in the chair and chief ministers of all the provinces and other members in attendance.

The NEC approved the macroeconomic outline and GDP growth forecasts for the fiscal year 2021-22.

The projected growth target of 4.8% was approved, with sectorial growth targets of 3.5% for agriculture, 6.5% for the industrial sector, and 4.7% for the services sector.

Ministry of Planning Development and Special Initiatives presented the Public Sector Development Program (PSDP) for 2021-22, the statement said.

PSDP allocations

The ministry informed the meeting that the reviewed estimation for the total development expenditure of the ongoing year is Rs1527 billion, while the total development outlay for the next financial year would be over Rs2100 billion, including PSDP of Rs900 billion.

It was informed during the meeting that PSDP would cater to the government’s plans to raise focus on covering areas and regions, the statement said, adding for this purpose, sufficient provisions had been made for projects in South Balochistan, various districts of Sindh, as well as for Gilgit Baltistan.

Allocation for HEC

Divisions have also been made for organization projects of districts in South Punjab. Similarly, an allocation of Rs54 billion has been made for the new compound districts of KP. In the social sectors, Higher Education Commission has been allocated Rs42 billion.