[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal revealed on Tuesday that the government had adopted a 3.5 percent GDP growth target for the fiscal year 2023-24 (FY24).
The minister stated at a press conference following the National Economic Council (NEC) meeting that the government would spend Rs. 1,150 billion under the Public Sector Development Programme (PSDP 2023-24).
The National Economic Council (NEC) has suggested the Annual Development Plan (ADP) for FY24, with a total budget of Rs. 2.709 trillion. “The total national outlay includes the development budgets of Punjab and Khyber Pakhtunkhwa for only four months [due to caretaker arrangements], but if their full budget is included in the ADP, it will exceed Rs. 3 trillion,” the minister stated.
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PSDP 2023-24 contains Rs. 75 billion in foreign aid and Rs. 200 billion in PPP/BOT finance, which is 46 percent more than revised estimates of Rs. 787.2 billion for FY23. To ensure contemporary infrastructure and attract foreign direct investment, around 52 percent of overall allocation has been planned for the infrastructure sector.
The government also anticipates inflation to continue around 21% in FY24. It is worth noting that the consumer price index (CPI) for July-May FY23 is 29.2 percent.[/vc_column_text][/vc_column][/vc_row]
