Adviser to the Prime Minister on Finance Miftah Ismail said on Monday he is not satisfied with the rate of economic progress in the country.
“The gross domestic product (GDP) of Pakistan has not risen above four per cent in the last five years,” the finance adviser lamented while addressing a seminar in Islamabad.
The adviser said the rupee was devalued by 10 units in the current fiscal year, however, this did not translate into an increase in prices.
“Rupee was devalued in accordance with an independent policy,” he added.
Ismail said, “Owing to the devaluation of rupee in March, exports increased by 24 per cent in that month and are expected to increase by a further 20 per cent in the next two months.”
The finance adviser noted that in the last five years, there has been progress in industries, agriculture and service sectors of the economy.
“Today, an additional 10,000 megawatts of electricity is being generated in the country. Gas and electricity are being produced and they are able to meet the requirements of industries,” he said.
Stating that in the last five years steps have been taken for the improvement of the economy, Ismail said, “The GDP in the ongoing fiscal year will be 5.8 per cent and inflation has been maintained below four per cent.”
“We will give tax relief in the upcoming budget,” the finance adviser said. He added that middle-income earners will be given relief in the upcoming budget.
Ismail reiterated those who do not pay tax will not be allowed to buy land.
Stating that some people go on foreign tours but do not pay taxes, he added that National Database Registration Authority (NADRA) is providing the government with data on eligible taxpayers.
“NADRA is giving data for around one million people who are liable to pay tax,” he said.
The federal government is expected to present the budget of the upcoming fiscal year on April 27.