GDP growth targeted at 6% for FY 2017-18: Ishaq Dar

ISLAMABAD: Finance Minister Ishaq Dar on Tuesday said that target for GDP growth for fiscal 2017-18 has been set at 6 percent, adding that the current GDP growth is a t 10-year high.

Addressing budget debate in the national assembly, Dar said that economic growth for the upcoming fiscal year is projected at 7%.

“The road to prosperity will continue,” said the finance minister.

Per capita income and quality of life will also improve, Dar added.

The Pakistan Muslim League – Nawaz (PML-N) government on May 26 had presented its fifth budget before general elections in 2018, earmarking a total of Rs 4,757 billion in expenditures for the next fiscal year.

Dar in his address today further said that recommendations by opposition have been received through Senate and standing committees, adding that all members have forwarded their recommendations. The finance minister said that 75 recommendations by Senate have been accepted whole or in part and 147 budget recommendations have been forwarded to the planning division.

In his budget address, Dar had informed that inflation will be kept under 6% and budget deficit is projected at 4.1%. A 10% increase in pensions and salaries of government employees was also announced.

“Tax to GDP ratio, which was 10.1% in fiscal year 2012-13, is likely to increase to 13.2% this year,” Dar had said, adding the government was targeting tax to GDP ratio of 13.7% in the year 2017-18.