Increase in industrial production can lead to Pak economic revival: Report

By: News Desk      Published: 02:27 AM, 27 Mar, 2021
Increase in industrial production can lead to Pak economic revival: Report
–File photo

An increase in industrial production can lead to economic revival in Pakistan, says a report released by the Finance Ministry on the economic progress made by the country in eight months of the fiscal year 2020-21. 

The State Bank of Pakistan (SBP) in a recent report forecast an increase in economic growth rate. The budget deficit from July 2020 to January 2021 stood at Rs1390 billion. Remittances during the same period stood at $18.70 billion, while the current account deficit during this period stood at $0.9 billion. Foreign investment decreased by 29.9 percent from July to February, while overall foreign investment decreased by 77.7 percent during the last eight months. 

According to the Finance Ministry, inflation rate in the coming months will remain between 7.9 percent and 9.5 percent. The Finance Ministry has said that a decrease in cotton production can affect agricultural production. The ministry says that recent rains in the country affected the wheat crop, but a better wheat yield is expected this year compared to the last year. 

The Finance Ministry says that large scale manufacturing from July to January stood at 7.9 percent. The volume of imports from July to January was $19.9 billion. The FBR collected more than $17 billion tax in eight months and it is expected to meet the tax collection target this year. 

The Finance Ministry says the number of coronavirus infections in the country is increasing as the third wave of pandemic has hit the country hard. The ministry says the Economic Coordination Committee has approved $150 million for the purchase of coronavirus vaccine.