Govt fails to achieve economic targets for FY22-23

ISLAMABAD: Despite imposing additional taxes and cutting power subsidies to the industries, Pakistan still failed to achieve most economic targets in the current fiscal year, it surfaced on Thursday.

According to the details, the current fiscal year witnessed a failure in achieving the majority of the economic targets. As per the documents presented in the Public Accounts Committee, the target for economic growth was 5 per cent, but it only reached 0.3 per cent.

The target for industrial development was 5.9 per cent, but it stood at 2.9 per cent. The target for agriculture growth was set at 3.9 per cent, but it reached at 1.55 per cent. Similarly, the target for the services sector growth was set at 5.1 per cent, but the services sector growth achieved only 0.8 per cent.

The target for large industries’ economic growth was 7.4 per cent, but it ended up with a negative growth of 7.9 per cent, while the target for forestry growth was 4.5 per cent, but it reached 3.9 per cent.

According to the National Accounts, the growth rate of the live-stock sector remained at 3.7 per cent, fisheries growth rate was 1.4 per cent, mining sector growth rate was negative at 4.4 percent, manufacturing sector growth rate was negative at 3.9 per cent, however, electricity generation witnessed a 6 per cent increase, and the construction sector growth rate was negative at 5.5 per cent.