ISLAMABAD: Minister for Commerce Engineer Khurram Dastagir Tuesday apprised the Senate that macro economic stability had been achieved during last three years and country’s Gross Domestic Product (GDP) remained over 4 per cent.
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 per cent by 2018.
He said owing to administrative steps taken by the government, collection of Federal Board of Revenue (FBR) had increased and it witnessed 60 per cent increased during the last three years. He said FBR revenue collection had jumped to Rs 3102 billion from Rs 1947 billion during the said period.
FBR exceeded its revenue tax collection target for the first time, he added. The minister said budget deficit had also decreased due to the government’s steps.
He 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 had also registered 12.4 per cent 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 per cent 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.
