Economic growth rate augurs well for country’s progress: PM Imran Khan

Economic growth rate augurs well for country’s progress: PM Imran Khan 

ISLAMABAD (APP Sun, 30 May 2021): Prime Minister Imran Khan Sunday said the country’s projected growth rate at above 4 per cent would spur economic activities in the country, creating job opportunities as well as reducing inflation.  

Responding to public queries during a live TV programme ‘Aapka Wazir-e-Azam Aap kai Sath’, the prime minister said economic growth rate had baffled his political opponents who wanted the government to fail in meeting these economic challenges left behind by the successive governments.   

He exemplified that the leadership in Malaysia, South Korea and China uplifted their deteriorated economies. In Pakistan, the political governments after 1988 weakened the institutions to loot public money. First they (previous leaders) damaged the country by committing corruption and now hurting it to protect the looted money, he added.

He said had the opposition been sincere with the country, they should be happy over economic turnaround achieved by the incumbent government.

He said after 2016, the country had the lowest debt burden as now the government was returning the foreign debt. He said the government inherited 18.2% current account deficit and for the first time, it went surplus. Calling it a quality growth, the prime minister hoped the economic growth will touch 4.5% in last quarter.

Explaining further as how the government achieved 4% GDP growth, Minister for Energy Hammad Azhar said the National Accounts Committee worked as per UN standardized systems and fed by 26 government agencies.

He said the GDP growth was backed by 9% growth in industrial sector, record cement, fertilizer, automobile, bikes and urea sale, 8.5% growth in housing sector and bumper crops of wheat, sugarcane and others. He was confident to say that the growth would touch 4.3 or 4.4% till last quarter.

Asked how the government would bring down the inflation, the prime minister said it was the one thing which made him sleepless as the price hike of ghee, sugar and flour put extra burden on the poor people.

He assured the nation that the government was trying to enhance agricultural produce to reduce eatables prices. The farmers were being given Kisan Card to provide fertilizers and other inputs on subsidized rates and support 65% of country’s farmers owning less than five acres of land.

Moreover, the workers would also be trained to guide the farmers about the new agricultural techniques to help them achieve enhanced production. Even, if we enhance wheat crop by 10%, the country will have surplus crop, he added.

The prime minister said the government’s initiative of farmer-to-market initiative would also help bring down the eatables’ prices.

The prime minister told the nation that from June 2020 to May this year, oil prices were doubled in the world but the government just passed on 11.18 % impact; palm oil prices increased by 70% but the government increased it by 27% and Urea by 16% against 74% price hike in the international market.

The prime minister said his government had inherited historic problems, with current account deficit and burden of loans. He said how they had steered the boat out of these difficulties was a crucial phase. 

“We have to go through these ordeals. I am pleased over the success of 4 per cent growth rate which according to experts is estimated to further increase,” he added. 

The prime minister said there were two problems, price hike and unemployment, but when the wheel of economy moves on and growth rate increases, people would get employment, reducing their poverty. 

The prime minister said record Rs 4,143 billion tax collection by Federal Board of Revenue (FBR) was historic achievement.  

He said the automation system would be fully introduced. In the past, it was resisted by the people taking benefits from the corrupt regime, as they did not want it to happen. 

The prime minister said, the track and trace system would also help the system to function smoothly, besides, enhancing the tax collection.   

In order to ensure future food security, the prime minister said the government was taking measures to produce DAP, palm oil and olive oil locally as the country had immense potential to meet its domestics needs as well as for exports.

He told another questioner that the previous governments could not realize the potential of olive and avocado in the country. However, the government had started massive olive plantation to bring about an olive revolution.

He also assured that the government would promote new crops taking advantage of 12 climatic zones in the country.

In the past, he regretted, no focus was made on agriculture and the conditions of famers. The developed countries were not blessed with such resources but due to research and dedication, they excelled in this sector. 

The prime minister said the government had enacted law to ensure payment to sugarcane farmers promptly for the first time in country’s history.  

Farmers got full and timely payment for their produce. The country also witnessed record agri- yields this year as wheat produce increased by 8. 1%, rice 13.6% and sugarcane 22%, he added.  

“This is just a beginning. They will bring technology with upgraded seeds to give further boost to this sector,” he expressed his resolve.  

The prime minister further elaborated that in the past, there was discrepancy in the payments made to farmers and the middle man.  

On the Chinese model, they would introduce with the help of information technology a virtual market, he added.  

He said about 900 storage facilities would be set up, besides enhancing the mode of transportation. Food processing units would also be set up and the government would extend loans in this regard.