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Govt fails to meet economic targets set for this fiscal year

Agriculture sector emerges as exception where growth rate exceeds target

By News Desk

May 21, 2024 03:52 PM


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The government has failed to meet the targets it had set for this financial year (FY), reported 24NewsHD TV channel on Tuesday.

The government was eyeing 3.5 per cent economic growth rate this year but failed to achieve it as it was recorded at 2.38 per cent.

The International Monetary Fund (IMF) had, however, predicted two per cent economic growth rate for the country.

Similarly, it failed to achieve the growth targets it had set for the industrial and services sectors.

The target set for the industrial sector was 3.4 per cent. However, the growth rate was recorded at 121 per cent.   

Similarly, against the 3.6 per cent target set for the services sector, the growth rate stood at 1.21 per cent.

The agriculture sector, however, was the only exception as the growth rate in the sector stood at 6.25 per cent against the 3.5 per cent target.

This year, the production of some major crops in the country was recorded at more than 11 per cent.

Following 108.22 per cent increase in the production of cotton, the production went up from 4.91 million bales to 10.22 million bales this year.   

Likewise, wheat production increased from 28.16 million metric tonnes to 31.44 million metric tonnes.

The production of rice jumped from 7.32 million tonnes to 9.87 million tonnes.

However, a reduction was recorded in the production of sugarcane crop.

It is worth-mentioning here that during the last FY of the PTI government, the economic growth rate was recorded at 6.18 per cent, while it stood at -0.21 in the last year of the coalition government.

 

Reporter: Waqas Azeem


News Desk


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