According to the survey, Pakistan’s growth rate stood at 4.1 percent which is less than the targeted figure of 4.4 percent but still being termed encouraging.
The growth in energy sector was recorded at 3.7 percent compared to 16 percent decline in the previous year while 11 percent gain was registered in the discovery of oil and gas.
The production of petroleum products rose by 16 percent while the industrial sector grew by 5.8 percent. The big industrial unit saw a growth of 5.31 percent and the small one 8.35 percent.
Cement sector advanced by 5 percent, Urea production posted a gain of 2.8 percent while Phosphate fertilizer also saw the same level of growth.
Economic survey of Pakistan 2013-14 has been announced. To see and download the 2013-14 economic survey please visit the link given below.
Salient points of Pakistan Budget 2013-2014 :
- The average rate of inflation stood at 13 percent in last five years.
- The burden of national debt witnessed a whopping increase of 250 percent to reach Rs14284 billion.
- Dollar rose to Rs100 from 60.
- The average rate of inflation remained 13 percent in past five years
- Pakistan’s circular debt increased to 250 percent in past five years
- Growth rate remained 1 pc
- Dollar valued soared to Rs100 from Rs60
- Pension increased to 10 percent. The minimum pension will be Rs5000 from Rs3000
- Rs75 billion allocated from Income Support Programme
- Proposal for 75 bn allocation for Income Support Program
- Growth rate stood at 1 percent
- Plan to give 5 Rs 5 lac Qarze Hasna.
- Prime Minister House expenditures being brought down by 45 percent.
- Tax exemption of luxury cars to be abolished.
- Pakistan’s economy suffered a loss of 2 percent each year due to energy crisis.
- Sale tax being increased from 16 pc to 17.
- Circular debt amounting to more than Rs500 billion will be eliminated in 60 days.
- Ban on purchase of new vehicles for Prime Minister office.
- Prime Minister Laptop scheme to be initiated
- Five percent additional tax imposed on non-registered power consumers.
- Exemption of 25 percent on 1800 cc to 2500cc vehicles.
- Customs duty on water filtration equipment to be decreased.
- Pension being increased by 10 percent.
- People works program renamed as Tamir-e-Watan Pakistan program.
- Ministers discretionary funds abolished.
- Economy grew by around 3.
- Economy was on auto pilot.
- 1481 billion tariff subsidy paid.
- 1200 cc hybrid cars exempted form duty tax.
- Non registered power consumers 5 % sales tax.
- 1800-2500 cc cars 25 % concession.
- 1200-1800 cc cars 50% duty reduction.
- 3G license auction soon.
- SBP borrowing to de reduced.
- Targeted inflation rate for FY 2013-14 is 9.5.
- Pension up by 10% from 3000-5000
- GDP target for FY 2013-14 is 4.8 percent.
- Tax revenue target: 2.475 billion.
- Non-tax income: 800 billion
- Power subsidy: 185 billion.
- Small business loans up to Rs200,0000 with 8% markup.
- Investment ratio to be increased by 20 percent.
- Income Support Program: 75 billion.
- Qaraz-e-Hasna (Soft loan): Rs500,000.
- Fiscal deficit targeted at 8 percent of GDP.
- The entire subsidy policy to be reviewed.
- Rs340 billion earmarked for development projects.