FAISALABAD, July 04 (INP): Minister of State for Information and Broadcasting Farrukh Habib has said country’s economy is growing and the total volume of exports has reached thirty one billion dollars.
Talking to newsmen in Faisalabad on Sunday, Farrukh Habib said despite Covid-19, the Federal Board of Revenue has collected a record net tax of 4732 billion rupees, forty one billion rupees more than the revised target of 4691 billion rupees.
The State Minister said that Pakistan has received a total sixty billion dollars in the form of remittances and revenue from exports.
The State Minister said government adopted prudent policies to control COVID -19 through sincere efforts and smart lockdown.
He said that efforts are underway to build multiple dams and ten big water reservoirs in the country.
The Minister of State for Information said that these initiatives will not only enhance water storage capacity but also ensure provision of inexpensive electricity to the masses.
He said that various economies in the world were threatened with bankruptcy, due to corona related impacts, adding that India’s economic growth nose dived to minus 7.7 percent, even economic growth of United Kingdom (UK) was registered negative while global debt also recorded a huge increase of 13 to 14 percent.
He said the opposition had been demanding lockdown but visionary leader Imran Khan rejected the proposal and introduced a new strategy of smart lockdown to run economy and save precious human lives side by side. This step yielded positive results and Pakistan’s economy recorded a prompt phenomenal growth, instead of squeezing, he added.
He said, “Our exports were recorded all time high at 25.3 billion dollar, while during 2017-18, our exports were dwindling on 24 billion dollars. If the exports of services included, our exports have jumped to 31 billion dollars in 2021.
He proudly claimed that foreign remittances also recorded increase during the last 11 months as it stood at 27 billion dollars which are expected to jump to 29 billion dollars as oversees Pakistanis are sending more than 2 billion dollars per month. If we compare present remittances with the remittances of previous government, it is 10 billion dollars in excess to the PML-N government, he observed.
The increase was due to the trust of expats in the visionary and honest leadership of Prime Minister Imran Khan as they were confident that now their money would be spent in Pakistan and no one could pilfer it and again send it back to the western countries through black-marketing or money laundering, he added.
About IT exports in 2013, he said that it was only 800 million dollars which jumped to 1000 million (1 billion) dollars in 2018 and now it is 2.1 billion dollars as the PTI government realized its importance and provided conducive atmosphere through supportive measures to this important sector, he said. Continuing, Farrukh Habib said that in 2018 dollar inflow was only 50 billion which now stood at 60 billion.
“It is non-debt inflow and foreign loans are not included in it. In 2018, outflow of dollar was 68 billion while our income from this head was only 50 billion dollars. Now the inflow of dollar is 60.1 billion and its outflow is 60 billion dollars”, he added.
“Our economy is now stable and we are managing our maximum expenditures from our own resources, he said and added that we are forced to borrow to payback installments of the loans acquired by the previous rulers”.
About the development agenda of PTI, the state minister said that Prime Minister Imran Khan intended to introduce electronic reforms but the opposition was opposing it as it would expose their poor performance.
Responding to a question about recovery of 33 billion dollars from the account of Asif Ali Zardari, he said that it indicated the volume of corruption of previous rulers.
He said the opposition intended that all regulatory institutions should be closed down and they may be allowed to continue their loot and plunder unabated.
About the recent speech of PM Imran Khan in the National Assembly regarding the return of American army from Afghanistan, he said that Prime Minister was representing the popular sentiments of public, took a bold stance that Pakistan would become a partner in constructive pursuits but would not be a part of war. Responding to a query about food security, the state minister said the PTI government was encouraging the agriculture sector.