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Agriculture, IT sectors hold potential to contribute significantly to country’s economic growth: Minister
ISLAMABAD, Apr 23 (APP): Federal Minister for Finance and Revenue Muhammad Aurangzeb on Tuesday said that the agriculture and information technology sectors held the potential to contribute significantly to the country’s economic growth.
Responding to a motion titled “This House may discuss the economic situation in the country,” the minister said, “The agriculture and information technology sectors are poised to become the real levers of economic growth in the country.”
He reiterated the government’s commitment to facilitating the two sectors and expressed optimism that IT exports would surpass the $3.3 billion mark during the current financial year.
Minister Aurangzeb stressed the importance of promoting agricultural growth to achieve a rate of 5 to 6 percent annually, in addition to harnessing the potential of the local livestock sector.
He highlighted the significant growth experienced in the agricultural sector due to successful bumper crop harvests, which promised a positive impact on the industrial sector.
The minister asserted that the country’s economic situation had improved compared to the previous year. He mentioned that the government assumed the office, the foreign exchange reserves were at $3.4 billion, covering only 15 days of imports. However, significant progress had been made, with reserves now exceeding $13.3 billion.
He anticipated further improvement following the disbursement of the tranche from the International Monetary Fund (IMF).
The minister noted the positive performance of the Pakistan Stock Exchange (PSX) in recent days, attributing it to the sentiments that were restoring market confidence.
Regarding economic indicators, he highlighted a 74 percent decrease in the current account deficit, which reached $1 billion as compared to $3.9 billion previously.
He also mentioned a 24.9 percent decrease in the trade deficit over the last nine months of the current financial year, which reduced from $22.7 billion to $17.0 billion.
The minister outlined the government’s focus on three key areas for transformation: tax, energy sectors, and reforms in the State Owned Enterprises (SoEs).
He expressed his intention to enhance the tax to GDP ratio, which currently stood at 9 percent, through tax enforcement measures and expanding the tax base.
Muhammad Aurangzeb affirmed the support of friendly countries both domestically and internationally for Pakistan’s economic growth.
He said that the government was implementing the decisions of the Federal Shariat Court to promote an interest-free economy and establish Islamic banking branches across the country.
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Govt ensuring digital access as fundamental right: Ahsan Iqbal
ISLAMABAD, Apr 23 (APP): Minister for Planning Development and Special Initiatives Ahsan Iqbal on Tuesday underscored the government’s responsibilities to ensure the digital access for all, recognizing it as a fundamental necessity in the modern era.
Addressing the launch of National Human Development Report 2024, the minister said the digital revolution was reshaping societies worldwide, and Pakistan was poised to emerge as a frontrunner in that transformative journey.
He highlighted the role of digitalization in shaping Pakistan’s future, emphasizing the proactive engagement of its youth in driving digital innovation.
“Notably, Pakistan stands as the fourth-largest contributor to the global digital freelancing industry, a testament to its burgeoning digital workforce,” he added.
The minister commended the United Nations Development Programme (UNDP) for its National Human Development Report 2023/2024, stressing the government’s commitment to leveraging its insights for national development.
As Chairman of the Report Advisory Council, he highlighted the significant impact of its findings on the government initiatives, including the ongoing upliftment efforts in 20 of Pakistan’s most impoverished districts, guided by the multidimensional poverty index introduced in the inaugural UNDP report of 2018.
He also emphasized the value of the Youth Development Index in understanding and addressing the aspirations and concerns of Pakistani youth.
Recognizing digital access as a fundamental necessity in the modern era, akin to essential services like electricity, healthcare, and education, Ahsan Iqbal stressed the government’s responsibility to bridge the digital divide across all regions.
He underscored the transformative potential of the current year’s UNDP report, which sheds light on critical aspects of development, including digital inclusion.
“To bolster Pakistan’s readiness for the digital age, the government has established National Centers of Excellence in key universities nationwide, fostering innovation in areas such as artificial intelligence, cyber security, big data, and cloud computing,” he added.
Reflecting on the past milestones, the minister highlighted key initiatives that had propelled Pakistan’s digital development journey. “These include the deregulation of the telecommunications industry in 1993, paving the way for a telecommunications revolution, and the introduction of 3G/4G licenses in 2013.”
Furthermore, he underscored the significance of Pakistan’s first digital policy in 2021 as a landmark in the nation’s digital transformation.
Addressing the imperative of adapting to change, the minister outlined proactive strategies for embracing digital transformation, emphasizing the importance of anticipating and embracing change rather than succumbing to it.
Highlighting the widening gap between socioeconomic segments in the digital era, Ahsan Iqbal emphasized the urgency of addressing this disparity.
He underscored the need for inclusive growth strategies to ensure that all segments of society benefit from the digital revolution.
The minister urged a forward-looking approach, setting sights on Pakistan’s future growth trajectory. He emphasized the need for sustained growth rates of 7% to 9% to propel Pakistan towards becoming a $2 trillion or $3 trillion economy by 2047, respectively. The event was attended by diplomats, policymakers, civil society representatives, students, and other stakeholders.
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Protectorate of Emigrants Office in Abbottabad to be fully functional by June 2024: NA told
ISLAMABAD, Apr 23 (APP): Federal Minister for Law and Justice, Azam Nazeer Tarar, informed the National Assembly that a Protectorate of Emigrants Office in District Abbottabad would be fully functional by June 2024.
In response to a resolution put moved by MNA Shahzada Muhammad Gushtasap Khan, urging the government to take immediate action to establish a Protectorate of Emigrants Office in District Mansehra, the minister that the necessary funds had already been released for the establishment of the office.