Government on Thursday revealed the Economic Survey 2015-16 to highlight its achievements in the past year. To begin with government has failed to achieve targeted 5.1% DGP and could manage only 4.7%. Though government has shown positives in some sectors but it has missed some of the most important economic targets.
Development in agriculture sector was most disappointing, growth rate stood at -0.19% in 2015-16, as compared to 2.5% during the last year, while the target was set at 3.9%. Decline in cotton production is one of the main reasons for missing out target by huge margin. Govt should announce subsidy package for the agriculture sector. Exports have declined massively from $24 billion in last year to $18.18 billion; it means government has a lot of work to do in this sector.
It is a worrying sign that education and health condition in the country also declined.
Government also has failed to bring reforms in the Federal Board of Revenue. It seems government remained unable to achieve targets in energy sector. Coal power electricity would increase inflation and High cost electricity would haunt us in the coming days. There were some positive achievements too; growth of Industrial sector was satisfactory, 6.8% as compared to 4.8% last year. The target for the industrial sector was set at 6.4%.
If government provides cheap energy to the industry and agriculture sector and brings tax reforms, there is no doubt, we the 6th most populous country of the world can be on the path of rapid economic prosperity. To achieve this, we need to enhance our exports and attract foreign investment in the country.
Government has missed some important economic targets.