ISLAMABAD (APP): Prime Minister Shehbaz Sharif has said the government was launching a Green Revolution 2.0 program to make the country achieve self-sufficiency in the agriculture field.
The prime minister, who chaired a meeting of the National Economic Council here, said the government was taking all-out measures to innovate the agriculture sector to enhance the production and par acre yield.
He said economic development topped the government’s priorities for which it was investing in education, health, modern infrastructure, and technology sectors.
The NEC approved a reviewed Public Sector Development Programme 2022-23 and national development budget for the fiscal 2023-24 with an outlay of Rs 2,709 billion.
Under the development program, the center would spend Rs 1,150 billion, including Rs 200 billion through public-private partnership and Rs 950 billion of the PSDP.
The total provincial development budget would be Rs 1,559 billion. This includes Rs 426 billion for Punjab and Rs 268 billion for Khyber Pakhtunhwa for a period of four months as both the provinces were awaiting general elections and being ruled by caretaker setups.
The NEC approved Rs 617 billion development budget for Sindh and Rs 248 billion for Balochistan.
It also approved an increase of 17 percent in the development budget which comprised 1182 development schemes including 311 new and 871 ongoing ones.
The Ministry of Planning and Development briefed the meeting about the 4RF project.
It was told that a huge amount was being spent for the reconstruction of flood-hot areas, through funding from development partners, including World Bank, Asian Development Bank and Islamic Development Bank.
The NEC, which discussed and held a consultation on the overall economic situation, also approved the Pakistan Economic Outlook 2035.
The prime minister said that the country could not progress until all of its federating units were prosperous.
He said despite funding constraints, the federal government would fulfill the provinces’ demand for for development funds and ensure judicious distribution of resources.
In this regard, the prime minister said a committee had been constituted under Planning Minister Ahsan Iqbal to ensure that no discrimination was carried out in the allocation of funds to the provinces.
Prime Minister Sharif said by the end of PML-N government in 2018, the development budget stood at Rs 1,000 billion which was reduced to Rs 550 billion in 2021-22. The national development was deliberately impeded through this criminal act, he remarked.
Contrarily, the incumbent government doubled the development budget despite the economic challenges and allocated Rs 1,150 billion for the next fiscal to make Pakistan progress and the common man reap the benefits, he added.
The NEC was told that the growth rate stood at 0.3% despite the economic difficulties inherited from the previous government and $30 billion losses inflicted by the unprecedented floods.
The meeting also approved the economic growth target of 3.5% for the next fiscal year. It was told that the investment ratio stood at 13.61 % during the current year which had been set at 15% for the next year.
The planning minister briefed the participants about the 5Es under which a special focus was being given to the promotion of exports, e-Pakistan, environment, energy, and equable Pakistan. Under the framework, an agenda had been devised which was inevitable for the country with the top focus on exports growth.
The NEC gave in principle approval to the Pakistan Economic Outlook 2035.
The planning ministry, in coordination with the provinces and other stakeholders, would prepare a vision document and strategy paper.
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