Financial and Economics Experts here Thursday said the remarkable achievement of 3.94 percent economic growth rate during the financial year 2020-21, has testified to the economic turnaround made by the present elected government that was endorsed by the Economic Survey of Pakistan (ESP).
Muhammad Naeem, Assistant Professor, Economics Department, University of Swabi told APP that achievement of 3.94pc economic growth as revealed by Economic Survey of Pakistan (ESP 2020-21) was a big achievement of the present government besides an endorsement of an upward economic growth of the national economy.
Inspite of the hostile COVID-19 pandemic, he said the economy has started moving in upward trajectory as evident of ESP report that was a positive sign for agriculture, industrial and SME sectors besides generation of jobs opportunities and bolstering of exports.
“I am very pleased to read that Pakistan has achieved a 3.94pc economic growth rate as the World Bank and International monetary Fund (IMF) had predicted lower economic growth besides 2.1 percent growth projections by the local economic pundits in the start of FY (2020-21),” Dr Naeem said.
He said achievement of 3.8 percent GDP growth rate was possible due to the prudent economic policies and timely intervention of the government.
ESP had shown an upward growth of agriculture and manufacturing sectors possible in the wake of Government incentives provided to manufacturing industries, agriculture and business communities in gas and electricity, he said.
Mohibullah Khan, Provincial Minister for Agriculture said Pakistan’s economy is largely depended on agriculture and as per ESP report, agriculture sector has witnessed a significant growth of 2.77percent that was a historic and positive development.
He said the KP Government would issue Kisan Cards by August this year under the Agriculture Transformation Plan to facilitate farmers besides increasing agricultural production and exports.
As per ESP report, the overseas Pakistani workers’ remittances have crossed $26 billion in the current fiscal year that showed their overwhelming trust in the policies of Prime Minister Imran Khan, he said.
He said COVID-19 has affected almost every sector of life and the goal oriented policies introduced by the Prime Minister to reduce the after-effects of the pandemic, have helped protect people from starvation and hunger on one side and keep the economic wheel running on others.
As a result of Government prudent economic policies, the large scale manufacturing industry grew by 9 percent, the agriculture sector witnessed 2.77 percent growth while the major crops like wheat, rice, sugarcane and maize production touched higher numbers and bumper crops were produced during the season.
Faud Ishaq, former President of Sarhad Chamber of Commerce and Industry said increase of economic and GDP growth rate was a positive development in the wake of a hostile coronavirus pandemic.
He said KP was located in a disadvantageous location in terms of long distance from Karachi sea port and was paying extra on transportation of goods and raw materials to keep the wheels of their industries running.
He said COVID-19 had badly affected almost every sector of life especially infant industry and the SME sector and expressed the hope that a relief package would be announced for it in the budget 2021-22.
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