MULTAN: September 30-
MULTAN: September 30- Chairman Senate Syed Yousaf Raza Gillani administers the oath of office bearers for the Pakistan Cotton Ginners Association during a formal ceremony in the city.
Chairman Senate Syed Yousaf Raza Gillani addressing during the oath-taking ceremony of the Pakistan Cotton Ginners Association.
MULTAN: September 30-
MULTAN: September 30- Chairman Senate Syed Yousaf Raza Gillani administers the oath of office bearers for the Pakistan Cotton Ginners Association during a formal ceremony in the city.
NAC revises GDP growth rate to 3.7% in Q4; 2.52% for FY 2023-24
ISLAMABAD, Sep 30 (APP): The National Accounts Committee (NAC) on Monday approved revised quarterly Gross Domestic Product (GDP) growth rates for the fiscal year 2023-24, reflecting a significant improvement in the country’s economic performance.
“The updated provisional and revised growth rates for FY 2023-24 and FY 2022-23 are 2.52% and -0.22% compared to 2.38% and -0.21% approved in the previous NAC meeting,” according to a news release.
The updated figures were ratified during a committee meeting at the Pakistan Bureau of Statistics (PBS), chaired by Awais Manzur Sumra, Secretary of the Ministry of Planning, Development and Special Initiatives.
According to the revised estimates, the GDP growth rates for Q1, Q2, and Q3 have been adjusted to 2.69%, 1.97%, and 2.36%, respectively, from previously reported figures of 2.71%, 1.79%, and 2.09%. The Q4 growth rate is recorded at 3.07%.
The revised growth rates in the agriculture sector during Q1 (8.64% vs. 8.59%) and Q2 (6.12% vs. 5.83%) have improved, while growth in Q3 has slightly declined from 3.94% to 3.92%.
Industrial activities have shown downward revisions in all three quarters: Q1 from -2.44% to -2.66%, Q2 from 0.09% to -1.15%, and Q3 from 3.84% to 2.83%, mainly due to downward revisions in annual benchmarks for the electricity, gas, water supply, and construction industries.
While Q1 growth in services has remained stable at 2.03% (compared to 2.02%), both Q2 (from 0.75% to 1.33%) and Q3 (from 0.83% to 1.60%) have seen upward revisions due to improvements in annual benchmarks in wholesale and retail trade (WRT), transportation and storage, and information and communication industries.
“The economy has posted stable growth of 3.07% during Q4 of FY 2023-24,” the press release added.
The growth in agriculture, industry and services stood at 6.76%, -3.59%, and 3.69%, respectively.
During Q4, crops posted a double-digit growth of 14.03%. The growth rate in important crops is 26.98%, primarily due to wheat (31.58 million tons) and partly due to the low base effect of the corresponding quarter, which experienced a decline of -7.93% during Q4 of FY 2022-23.
Due to a decline in fruits, Q4 growth in other crops was negative at -1.53% compared to -0.64% last year. Livestock grew at 3.98% compared to 4.31% in Q4, while a high base effect of 15.12% resulted in negative growth of -0.35% in forestry.
Despite positive growth in large-scale manufacturing (4.19% vs. -19.5%), other industry components, such as mining and quarrying (-5.32% vs. 1.22%), electricity, gas, and water supply (-35.57% vs. 9.15%), and construction (-0.47% vs. -20.46%), registered negative growth rates during Q4.
Although the finance and insurance sector reported a negative growth of -2.55% and public administration and social security -0.18%, the overall growth in services remained positive (3.69%) during Q4 2023-24, driven by wholesale and retail trade (4.79%), transportation and storage (2.11%), information and communication (7.95%), education (9.04%), human health and social work activities (5.86%), and other private services (3.38%).
In the updated estimates for 2023-24, the industrial sector has declined by -1.15% compared to an earlier estimate of 1.21%.
There is a downward revision in mining and quarrying from 4.85% to 3.47% due to gas (-2.22%) and coal (-2.10%) decreases.
Large-scale manufacturing, based on the Quantum Index of Manufacturing (QIM), has improved to 0.91% (July-June QIM) from 0.07% (July-March QIM), with increases in food (from +1.69% to +1.73%), wearing apparel (from +5.41% to +8.24%), and coke and petroleum (from +4.85% to +9.81%).
The updated growth in the services sector remained at 2.15% compared to 1.21%, with significant improvements in WRT (3.39% vs. 0.32% due to increases in LSM and imports), transport and storage (1.91% vs. 1.19% due to railways, KPT, PIA, and CAA), and information and communication (0.30% vs. -3.02% due to IT exports). However, growth in some industries has declined, such as finance and insurance (-10.67% vs. 9.64%), public administration and social security (-7.26% vs. -5.25%), education (8.55% vs. 10.30%), and human health and social work (5.55% vs. 6.80%).
The committee commended the efforts of the National Accounts team at the Pakistan Bureau of Statistics and key stakeholders in preparing the quarterly GDP estimates.
Pakistan’s cricket captain, Shan Masood, addresses the media during a press conference at the National Stadium in Karachi, sharing his thoughts ahead of the highly anticipated cricket Test series against England.
KARACHI: September 30-
APP28-300924
KARACHI: September 30- Pakistan’s cricket captain, Shan Masood, addresses the media during a press conference at the National Stadium in Karachi, sharing his thoughts ahead of the highly anticipated cricket Test series against England.
KARACHI: September 30- A view of the ongoing Construction work in National Bank Stadium for the Champion Trophy 2025.
Men carefully load firewood onto their motorcycle rickshaw to transport it to be used as fuel for local Tandoors in the city of Bahawalpur.
BAHAWALPUR: September 30-
A variety of dates being sold on the roadside as the last season of this delicious fruit comes to an end in the city.
BAHAWALPUR:September 30-
Court acquits Mandviwala in Kidney Hills reference
ISLAMABAD, Sep 30 (APP): An Accountability Court (AC) on Monday acquitted former Senate deputy chairman Saleem Mandviwala and others in the Kidney Hills reference.
Accountability Court Judge Nasir Javed Rana approved the application of National Accountability Bureau (NAB) and returned the reference.
The NAB, in its plea, stated that Mandviwala had no connection with the case. Moreover there was no loss to the government treasury, rather it was a private party which suffered the losses.
The Bureau pleaded the court to acquit the accused.
The NAB said that the reference was filed on January 19, 2021 against seven accused. The matter was presented before its executive board in September (2024), which reached a conclusion that the reference could not be made as per the facts, it added.
The court, subsequently, approved the request of NAB and acquitted the seven persons.
Ghost students, quality training issues discussed in NAVTTC meeting
KARACHI, Sep 30 (APP):A consultative meeting of the National Vocational and Technical Training Commission (NAVTTC) and TVET Institute under PM’s Youth Skill Development Programme, on Monday discussed the issues of ghost students, stipend to students for improving attendance, quality training and measures to motivate them in pursuance of their education and training.
The meeting under the chairmanship of NAVTTC Executive Director Mohammed Aamir Jan was held at the Federation of Pakistan Chamber of Commerce and Industry (FPCCI).
Aamir Jan said that the prime minister had directed him for the international certification specially in the fields of information technology, hospitality and trade. The federal government wanted to equip the workforce with modern skills.
While stressing the need for ending taboos’ of vocational training, he said that the efforts were being made to this effect, he added.
Later, talking to media persons, the ED said that 56000 students had been trained this year since January 2024.
Replying to a question, he said that NAVTTC was working in 11 sectors including IT, agriculture, livestock, mining,
banking, health, manufacturing, textile, etc.
Answering to another question on ghost students, he said that there was no ghost institute although ghost students were being monitored by the third party.
DPM Dar chairs meetings to review JMC, exploration, production sector issues
ISLAMABAD, Sep 30 (APP): Deputy Prime Minister, Foreign Minister Muhammad Ishaq Dar on Monday chaired an inter-ministerial to review preparations for the forthcoming 12th Session of Joint Ministerial Commission (JMC) with the United Arab Emirates.
The JMC will be held in Abu Dhabi in October, a press release said.
Separately, the deputy prime minister and foreign minister also chaired the 4th meeting of the committee established by the prime minister on addressing key exploration and production sector issues, including circular debt resolution and re-gasified liquefied natural gas price rationalization.
Bilawal stresses for expediting rehabilitation, construction of houses for flood-hit people
QUETTA, Sep 30 (APP):Chairman of Pakistan People’s Party (PPP) Bilawal Bhutto Zardari on Monday stressed the need for expediting the rehabilitation and construction of houses for flood-hit people, calling federal and provincial governments to release the required funds in this connection.
Addressing to the participants of a grant awarding and cheques distribution held here at CM secretariat Quetta for the flood affectees along with Chief Minister Balochistan Mir Sarfraz Bugti and others, Bilawal said that he contested the case for the flood stricken people of Balochistan and Sindh before the world community to raise the funding.
Bilawal said he prepared the plan himself and generated funds to enable the flood calamity hit to construct the climate resilient houses and also awarded the ownership of the land in order to save them from the impact of flood in future.
He requested the provincial government to take up the issue with federal government and get funding issued for the rehabilitation of flood affected people according to the decided plan.
Bilawal said that he would better showcase the case for more funding from international financial institutions once the allocated funds are utilized and displaced community gets shelter houses as per agreed upon plan.
Expressing his concerns over unnecessary delay of the project, Bilawal said a lot of work yet to be done, emphasizing the federal and provincial governments to release the funds so as to facilitate the maximum number of flood affected people.
Referring the Sindh government initiatives of out-sourcing the construction of houses for the flood affectees, Bilwal suggested that Balochistan government shall also adopt such model to timely complete the project and utilized the funds properly.
Three-member bike thief gang arrested
SARGODHA, Sep 30 (APP):In an ongoing crackdown against criminal elements, Sajid Shaheed police apprehended a three-member gang involved in motorcycle thefts.
According to a press release issued by the DPO office on Monday, the gang members, identified as Musharraf, Iftikhar, and Ali, were arrested and stolen goods worth Rs1.175 million were recovered from them.
In addition to the stolen goods, an illegal Kalashnikov used in the crimes was also seized. The recovered items have been returned to their owners after legal proceedings, a police spokesman said.
District Police Officer (DPO) Dr. Asad Ijaz Malhi has said that the strict crackdown against criminal elements would continue. He also commended the Sajid Shaheed police station SHO and his team for their excellent performance.