farhan_9909
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KARACHI: Finance Minister Ishaq Dar on Friday said that the economy has registered a turnaround indicated by the key economic indicators.
The minister was speaking at the Exports Trophy Awards ceremony of Karachi Chamber of Commerce and Industry (KCCI), attended by Prime Minister Nawaz Sharif.
He said that almost every indicator from GDP to inflation, agriculture to industry, from imports to exports, from remittances to foreign inflows, from exchange rate stability to interest rate, fiscal deficit to revenues and from reserves to public debt shows improvement.
Highlighting the government’s medium-term economic roadmap, the minister said: “Our medium-term three-year (2014-17) aim is to raise the GDP growth gradually to around 6 to 7pc, investment/GDP to 20pc, tax/GDP to 13pc and foreign exchange reserves to around $20bn. Also, we aim to bring fiscal deficit down to 4pc of GDP and public debt to below 60pc of GDP as per statutory requirement.”
He said the confidence of the people of Pakistan has been revived and it is bringing about a remarkable economic turnaround.
He mentioned challenges and said: “Our resolve to work harder has been strengthened to achieve our objectives”.
Elaborating on PML-N government plans he talked about a comprehensive plan for building foreign exchange reserves from current $9.37 billion to over $16bn by December 31, 2014.
Under the tax incentives, the finance minister said non-filers of tax returns as well as dormant NTN holders can avail concessions by April 30, 2014 while for investment scheme, commercial operation date has been fixed on or before June 30, 2016 to avail incentives under the Prime Minister’s package for industrial growth.
The government has also published, in terms of the provisions of Section 216(6) of the Income Tax Ordinance, 2001, a tax directory on Feb 15, 2014 containing names, NTN and tax paid by all the parliamentarians.
In the second phase a tax directory of all taxpayers in the country will be published, he said.
Dar said that efforts were underway to disinvest, in a transparent manner, shares of certain banks and PSEs in the stock market.
He said Pakistan has been ranked second in the world in terms of business growth in a survey conducted by the Japan External Trade Organisation (Jetro).
Former Goldman Sachs economist Jim O’Neill, famous for coining the term BRIC, coined another term MINT identifying top investment destinations in the coming years. He has also forecast that Pakistan would become world’s 18th largest economy by 2050 (from its present 44th position).
The awards cover all major products. He underlined the need for value-addition, for identifying new exportable products and to explore non-traditional markets. There is also a need to take full advantage of the recent grant of GSP Plus status to Pakistan.—APP
Medium-term roadmap projects 7pc growth - DAWN.COM
The minister was speaking at the Exports Trophy Awards ceremony of Karachi Chamber of Commerce and Industry (KCCI), attended by Prime Minister Nawaz Sharif.
He said that almost every indicator from GDP to inflation, agriculture to industry, from imports to exports, from remittances to foreign inflows, from exchange rate stability to interest rate, fiscal deficit to revenues and from reserves to public debt shows improvement.
Highlighting the government’s medium-term economic roadmap, the minister said: “Our medium-term three-year (2014-17) aim is to raise the GDP growth gradually to around 6 to 7pc, investment/GDP to 20pc, tax/GDP to 13pc and foreign exchange reserves to around $20bn. Also, we aim to bring fiscal deficit down to 4pc of GDP and public debt to below 60pc of GDP as per statutory requirement.”
He said the confidence of the people of Pakistan has been revived and it is bringing about a remarkable economic turnaround.
He mentioned challenges and said: “Our resolve to work harder has been strengthened to achieve our objectives”.
Elaborating on PML-N government plans he talked about a comprehensive plan for building foreign exchange reserves from current $9.37 billion to over $16bn by December 31, 2014.
Under the tax incentives, the finance minister said non-filers of tax returns as well as dormant NTN holders can avail concessions by April 30, 2014 while for investment scheme, commercial operation date has been fixed on or before June 30, 2016 to avail incentives under the Prime Minister’s package for industrial growth.
The government has also published, in terms of the provisions of Section 216(6) of the Income Tax Ordinance, 2001, a tax directory on Feb 15, 2014 containing names, NTN and tax paid by all the parliamentarians.
In the second phase a tax directory of all taxpayers in the country will be published, he said.
Dar said that efforts were underway to disinvest, in a transparent manner, shares of certain banks and PSEs in the stock market.
He said Pakistan has been ranked second in the world in terms of business growth in a survey conducted by the Japan External Trade Organisation (Jetro).
Former Goldman Sachs economist Jim O’Neill, famous for coining the term BRIC, coined another term MINT identifying top investment destinations in the coming years. He has also forecast that Pakistan would become world’s 18th largest economy by 2050 (from its present 44th position).
The awards cover all major products. He underlined the need for value-addition, for identifying new exportable products and to explore non-traditional markets. There is also a need to take full advantage of the recent grant of GSP Plus status to Pakistan.—APP
Medium-term roadmap projects 7pc growth - DAWN.COM
), get rid of these talibastards and their terrorism and grow the country. I'd like to see Pakistan's foreign exchange to grow to 100 Billion by 2030. That's actually not an unachievable number. Good luck.
