Budget places emphasis on ‘growth-inducing’ sectors: PM Shehbaz

Prime Minister Shehbaz Sharif said on Monday that the government focused on growth-inducing sectors in the budget 2023-24 that was announced on Friday.

In a tweet, he wrote “while experts are analysing the various facets of budget 2023-24, I consider it important to highlight the special emphasis the government has placed on the growth-inducing sectors in the budget”.

The measures for the uplifting of information technology, agriculture, solarisation, youth development and other sectors were proposed after thorough deliberations, he said.

They are aimed at incentivising innovation and entrepreneurship of Pakistan’s talented youth as well as boosting productivity of agriculture and attracting investment in the agro-industry, he added.

He also said the government is working to replace expensive sources of power generation by harnessing solar power.

“Affordable energy is key to economic growth and the provision of relief to the people,” he said, adding that the procurement of crude oil from Russia is also part of the energy security plan.

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“The point I am making is that despite constraints imposed by domestic and global circumstances, budget 2023-24 promises to turn things around and has outlined a clear path for this purpose.”

Achieving economic self-sufficiency remains the overarching goal where the economy is insulated from the external turbulence and shocks, the PM said.

The government of Pakistan presented Budget 2023-24 on Friday. Finance Minister Ishaq Dar said Pakistan’s economy will target a growth rate of 3.5% in the coming fiscal year, as he delivered his speech to unveil the Rs14.5-trillion federal budget 2023-24 in the National Assembly.

“Pakistan economy is passing through its most difficult time in history. The previous government of PTI is responsible for the current crisis,” he said.

“The PTI government deliberately worsened the economic situation, and took measures that were against commitments made to the IMF. These measures were like laying landmines for the new government.

“The incumbent government adopted a policy of saving the country at the cost of political capital.”