Govt sets economic growth target at 3.6% in federal budget 2024-25

The federal government has proposed an economic growth rate of 3.6% in the federal budget for the fiscal year 2024-25, reported 24NewsHD TV Channel on Wednesday.

According to the proposed budget documents, the Gross Domestic Product (GDP) growth target for the upcoming fiscal year is 3.6%.

In the proposed budget, the federal government set the agricultural sector's production target at 2% and the industrial sector's production target at 4.4%.

The production target for large industries is set at 3.5% and the services sector's production target at 4.1%.

The government has also set the investment-to-GDP ratio target at 14.12%.

The graph of the proposed economic growth rate:

The government has also allocated funds for the development budgets of 39 ministries and divisions.

As per the allocation, Rs3.22 billion has been for the petroleum division, Rs9.7 billion for the Ministry of Interior, and Rs41.25 billion for the food security division.

Rs28.92 billion have been earmarked for the IT sector, Rs27 billion for the Ministry of Health, and Rs4.91 billion for the Ministry of Industry and Production.

Rs27.68 billion have been earmarked for Housing and Works and Rs10.4 million for the Ministry of Human Rights.

The graph o f the proposed allocation of development funds for ministries and divisions:

The budget comes a day after the government said economic growth of 2.4% expected in the current year would miss a target of 3.5%, although revenues were up 30% over last year, and the fiscal and current account deficits were under control.

Reporter Waqas Azeem