Pakistani Finance Minister Ishaq Dar presented Federal Budget 2015-16 during National Assembly session underway at the Parliament House Islamabad under chair of Sardar Ayaz Sadiq.
Federal Budget for new fiscal year emphasised fixed GDP growth rate up to 5.5 per cent and attractive plans for foreign investments besides provision of relief to the nationals.
Earlier, National Economic Council (NEC) chaired by Prime Minister Nawaz Sharif approved Rs700 billion for Public Sector Development Programme for next financial year.
GDP growth rate has been fixed at 5.5 percent, growth rate for agriculture sector at 3.9 and that of manufacturing sector 6.1 percent. Export target for the year has been set as 25.5 billion dollars, Radio Pakistan reported.
While laying budgetary proposals here on Friday, Dar said the economy put on positive trajectory despite facing critical challenges during last two years.
He said that the federal government prepared three-point strategy to put economy on prosperity path. Dar said that Pakistani economy is stable and heading towards sustainability by adopting and implementation of the sucessful policies. He said that inflation ratio has decreased up to 6 pc that is the lowest level of last eight years. He said foreign exchange reserves have reached up to $17 billion which will further grow to 19 billion dollars during the next financial year.
He said Karachi Stock market which was 19,916 points has crossed the level of 34000 points which shows seventy percent increase in the stock market business with similar increase in market capitalization.
The finance minister said that fiscal deficit would be brought down to 4.3 pc in the next financial year which stood at 5.0 pc during the outgoing fiscal year.
Senate session:
Pakistan Upper House ‘Senate’ will also hold discussion over the budget of next fiscal year today and the Upper House will make recommendations to the National Assembly for possible incorporation.
Cabinet meeting:
Earlier, PM Nawaz Sharif led special cabinet meeting held on Friday that considered and approved budget proposals after briefing of Ishar Dar to highlight targets, development and non-development activites for the next fiscal year.
