Federal Minister for Planning, Development and Special Initiatives Asad Umar said on Friday that the growth rate for the next year had been estimated at 4.8 per cent.
Addressing a press conference in Islamabad on the annual budget plan, Umar said: “Next year’s growth rate of the economy has been estimated at 4.8pc which has increased from 3.94pc for this year.”
The National Accounts Committee had last week estimated Pakistan’s provisional GDP growth for the current fiscal year (2020-21) at 3.94pc, supported by a broad-based recovery in major sectors.
The federal minister said that there were six to seven big sectors the future growth rate was coming from. The first he said was cotton production which was badly affected in the past and in the current year as well due to which “we face a lot of loss.”
“This year, arrangements have been made for better quality seeds and emphasis has been placed on provision of good quality pesticides,” he said, adding that cotton prices in the international market were also seen to be better. He said that due to all this, an estimate of 10.5 million bales of cotton had been forecasted for next year.
The second sector, according to the federal minister, was poultry and livestock. He said the poultry sector had been badly affected by Covid-19 in particular which had caused a price hike but it would contribute to growth in the future as it moved towards normalisation.
“Apart from that we are also seeing an increase in electricity consumption of 6pc […] we got a very amazing response from the industrial incentive package we gave and there has been an increase of 15pc in industrial consumption since we gave the package.”