ISLAMABAD, Pakistan: The Minister for Commerce Engineer Khurram Dastgir on Tuesday apprised the Senate that macroeconomic stability had been achieved during last three years and the Country’s Gross Domestic Product (GDP) remained over four percent.
Responding to a Calling Attention raised by Sherry Rehman about increasing trade deficit during July-March (FY 2016-17), the minister said efforts were being made to enhance GDP to 5.7 percent by 2018.
The minister said owing to administrative steps taken by the government, collection of Federal Board of Revenue (FBR) had increased and it witnessed 60 percent increased during the last three years.
Khurram Dastgir said FBR revenue collection had jumped to Rs 3102 billion from Rs 1947 billion during the said period. He said FBR exceeded its revenue tax collection target for the first time.
The commerce minister said budget deficit had also decreased due to the government’s steps.
The minister said Pakistan Stock Market was considered among best market of the world and market capitalization had also been improved significantly. He said Foreign Direct Investment (FDI) had also registered 12.4 percent growth while foreign exchange reserve surged to $ 21.57 billion.
The minister said the government was cognizant of country’s export and it was also registered 3.6 percent increase.
However, he said machinery import for energy related and other development projects had also been increased which was main cause of widening of trade deficit.
