Islamabad (August 29, 2017): Pakistan has recorded an increased GDP growth of 5.3 percent during the current fiscal year due to prudent economic policies of the government.
This was informed during the cabinet meeting held in Islamabad on Tuesday with Prime Minister Shahid Khaqan Abbasi in the chair.
The meeting was apprised that large scale manufacturing achieved 5.6 percent growth whereas per capita income increased to 1,629 dollars from 1,334 dollars in 2013.
It was told that remittances increased to 19.3 billion dollars, tax collection reached 3,362 billion rupees and fiscal deficit reduced by 5.8 percent.It was further informed that forex reserves increased to 21.4 billion dollars and Foreign Direct Investment witnessed an increase of 2.4 billion dollars in the current financial year.
Speaking on the occasion, the Prime Minister said that renowned international rating organizations have recognized upward economic growth of Pakistan despite internal and external challenges.
The Federal Cabinet approved amendments in Rules of Business, 1973 after revamping new federal ministries and divisions.
Earlier, Executive Committee of National Economic Council has approved nine major economic projects in different fields.
The approval was accorded in its meeting held in Islamabad on Tuesday with Prime Minister Shahid Khaqan Abbasi in the chair.The projects include revision of Prime Minister’s National Health Programme and construction of 132 KV new grid station and transmission line as well as energy loss reduction project by Sukkur Electric Power Company.
Road projects cleared by the ECNEC include construction of Chitral-Garam Chashma- Doraha road, dualization and improvement of Old Bannu Road and Pindigheb-Kohat Road, and change in financing modalities of construction of Lahore-Sialkot Motorway.
The meeting also approved construction of Baran Dam project near Bannu.