ISLAMABAD: The federal government has set the agriculture sector growth target at 3.5 per cent, while the industrial sector’s growth target has been set at 7.7 per cent for the fiscal year 2016-17.
According to budgetary documents released, the agriculture sector is targeted to grow by 3.5 per cent on the basis of expected contributions of important crops (2.5 per cent), other crops (3.2 per cent), cotton ginned (2.5 per cent), livestock (4 per cent), fishery (3 per cent) and forestry (3 per cent).
“Adequate production of cotton crop for 2016-17 is dependent upon efficient pest management, favourable weather conditions and profitable commodity prices”, the document added.
However, it added that given the subdued international prices, reduction in cotton sowing area and lack of farmers’ interest in the crop due to shrinking profit, the prospects of satisfactory cotton remain precarious. This is likely to depress the overall growth of important crops, however, it is hoped that the growth prospects for livestock, fishery and minor crops are bright.
Similarly, according to the document, the industrial sector is expected to grow by 7.7 per cent during 2016-17 on the back of better energy supply and planned investment under China Pakistan Economic Corridor (CPEC).
The mining and quarrying sector is projected to grow by 7.4 per cent, besides the manufacturing sector is expected to grow by 6.1 per cent for 2016-17, Large Scale Manufacturing Sector (LSM) growth rate of 5.9 per cent, small and household manufacturing 8.2 per cent, construction by 13.2 per cent and electricity, generation and gas distribution by 12.5 per cent.
