Abb Takk News

Finance Minister Predicts 5pc GDP Next Year

ISLAMABAD: Finance Minister Shaukat Tarin has said that government aims at enhancing revenue collection up to seven trillion rupees by the end of its constitutional term in 2023.

Talking to media along with Minister for Energy Hammad Azhar and Minister for Economic Affairs Khusro Bakhtiyar in Islamabad today (Thursday), he said we have planned 20% increase in the revenue every year.

The Finance Minister expressed the hope to achieve a target of revenue collection up to 4700 billion rupees whereas this target will be 5.8 trillion rupees next year.

He said despite Covid-19 pandemic, the government remained successful in bringing the economic growth rate close to four percent.

He said the growth rate will likely to remain around five percent during the next fiscal year. 

The Finance Minister said the government does not believe in imposing new taxes to enhance revenue collection and the objective for higher collections will be achieved through expanding the tax net.  

Shaukat Tarin said we have decided to increase Public Sector Development Program by 38 percent.

He said we are also working to initiate the process of restructuring and privatization of loss making state owned enterprises.

Meanwhle, chairing two separate meetings through video link with the representatives of the Karachi Chambers of Commerce and Industry and Auto Industry of Pakistan in Islamabad today, Shaukat Tarin said government is cognizant of the issues of the business community.

He said the upcoming budget will play a major role in export promotion and increasing the footprint of small and medium businesses in the economy.