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Business Recorder
3 days ago
- Business
- Business Recorder
‘Monthly Development Plan' unveiled: Pakistan upbeat about 4.2pc growth
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal reaffirmed confidence in achieving a 4.2 percent GDP growth rate in fiscal year 2025-26, projecting a climb to six percent by the fiscal year 2028-29 of the current five-year plan. Speaking to the media at the launch of the Monthly Development Plan on Thursday, he said the government had achieved a significant milestone by preparing a Rs4 trillion national development outlay for the fiscal year 2025–26, in just the second year of its five-year term, a target originally scheduled for 2028–29. According to documents shared by the Planning Ministry, the minister said that the government projected GDP growth targets 4.2 percent for fiscal year 2025-26, 5.1 percent for 2026-27, 5.7 percent for 2027-28 and 6 percent for fiscal year 2028-29. Budget FY26: APCC proposes historic Rs4.083trn outlay The agriculture sector growth targets have been projected 4.5 percent for fiscal year 2025-26, 4.4 percent for 2026-27, 4.6 percent for 2027-28 and 5.1 percent for fiscal year 2028-29. The minister said that the ministry has proposed Rs17.083 trillion National Development Outlay for next five years. He said that a total of 1.1 trillion for fiscal year 2024-25, Rs1.28 billion for 2025-26, Rs1.41 trillion for 2026-27, Rs1.53 trillion for 2027-28 and Rs1.7 trillion for fiscal year 2028-29. About the Industry, the ministry gave projection of growth targets, 4.3 percent for fiscal year 2025-26, 6.2 percent for 2026-27, 6.8 percent for 2027-28 and 6.9 percent for fiscal year 2028-29. About the services sector, the ministry projected four percent growth target for fiscal year 2025-26, five percent for 2026-27, 5.7 percent for 2027-28 and 6.2 percent for fiscal year 2028-29. About the total investment percent of GDP, according to documents, 13.8 percent target has been set for financial year 2025, 14.7 percent for 2026, 15.6 percent for financial year 2027, 16.4 percent for 2028 and 17 percent for fiscal year 2029. About the public sector, 2.9 percent target of total investment of GDP for fiscal year 2025, 3.2 percent for 2026, 3.5 percent for 2027, 3.5 percent for 2028 and 3.7 percent for fiscal year 2029. About the private sector investment, the Ministry proposed 9.1 percent target for fiscal year 2025, 9.8 percent for 2026, 10.4 percent for 2027, 11.1 percent for 2028 and 11.6 percent for fiscal year 2029. About the National Saving percentage of GDP, 14.1 percent investment target of GDP for fiscal year 2025, 14.3 percent for 2026, 15.1 percent for 2027, 15.6 percent for 2028, and 15.8 percent for fiscal year 2029. According to documents, the export would be increased $ 63 billion in five years, inflation would be reduced 6.2 percent and foreign direct investment would be increased 30 percent. The unemployment rate would be reduced to underfive percent and industrial production would be increased 40 percent. The planning minister said, 'We have a broader vision of transforming Pakistan into a $1 trillion economy by 2035. If we can reach $600 billion by 2029, adding another $400 billion over the next five to seven years is certainly within reach'. He said that outlining strategic priorities for the coming year, the government's focus would be on 'governance, innovation, and reform' to maintain growth momentum. He said that in a major positive development, the minister highlighted that headline inflation had dropped to 3.5 percent in May 2025, down sharply from 11.8 percent a year earlier. 'Only a few countries in the world have managed to bring double-digit inflation down so drastically in such a short time,' he noted. He said that foreign remittances had also seen a considerable jump, with inflows increasing by $10 billion over the past three years. He said that our remittances have grown from $27 billion to $37 billion, crediting the Pakistani diaspora for their resilience and patriotism. Sharing recent financial successes, the minister said Pakistan had posted a $1.9 billion current account surplus between July and April — a sharp reversal from a $1.3 billion deficit during the same period last year. He also revealed that improved project evaluation by the Planning Commission had saved the national treasury Rs5.4 billion last month. 'Better scrutiny and smarter planning make a big difference,' he said. Turning to national security, the minister mentioned a high-level, single-agenda meeting chaired by Prime Minister Shehbaz Sharif and attended by key national leadership, including representatives from Azad Jammu and Kashmir and Gilgit-Baltistan. 'The agenda was clear, crafting a unified national strategy to counter Indian aggression and provocations,' he said, warning India against weaponising water resources, which he described as a violation of international agreements. 'Pakistan's water rights are not a favour from India, they are protected by international treaties,' he asserted. Ahsan Iqbal said that just as Pakistan's armed forces had shattered India's arrogance on the battlefield, the country would counter India's economic and political hostility with unity, resilience, and adherence to international law. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
‘Monthly Development Plan' unveiled: Govt upbeat about 4.2pc growth
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal reaffirmed confidence in achieving a 4.2 percent GDP growth rate in fiscal year 2025-26, projecting a climb to six percent by the fiscal year 2028-29 of the current five-year plan. Speaking to the media at the launch of the Monthly Development Plan on Thursday, he said the government had achieved a significant milestone by preparing a Rs4 trillion national development outlay for the fiscal year 2025–26, in just the second year of its five-year term, a target originally scheduled for 2028–29. According to documents shared by the Planning Ministry, the minister said that the government projected GDP growth targets 4.2 percent for fiscal year 2025-26, 5.1 percent for 2026-27, 5.7 percent for 2027-28 and 6 percent for fiscal year 2028-29. Budget FY26: APCC proposes historic Rs4.083trn outlay The agriculture sector growth targets have been projected 4.5 percent for fiscal year 2025-26, 4.4 percent for 2026-27, 4.6 percent for 2027-28 and 5.1 percent for fiscal year 2028-29. The minister said that the ministry has proposed Rs17.083 trillion National Development Outlay for next five years. He said that a total of 1.1 trillion for fiscal year 2024-25, Rs1.28 billion for 2025-26, Rs1.41 trillion for 2026-27, Rs1.53 trillion for 2027-28 and Rs1.7 trillion for fiscal year 2028-29. About the Industry, the ministry gave projection of growth targets, 4.3 percent for fiscal year 2025-26, 6.2 percent for 2026-27, 6.8 percent for 2027-28 and 6.9 percent for fiscal year 2028-29. About the services sector, the ministry projected four percent growth target for fiscal year 2025-26, five percent for 2026-27, 5.7 percent for 2027-28 and 6.2 percent for fiscal year 2028-29. About the total investment percent of GDP, according to documents, 13.8 percent target has been set for financial year 2025, 14.7 percent for 2026, 15.6 percent for financial year 2027, 16.4 percent for 2028 and 17 percent for fiscal year 2029. About the public sector, 2.9 percent target of total investment of GDP for fiscal year 2025, 3.2 percent for 2026, 3.5 percent for 2027, 3.5 percent for 2028 and 3.7 percent for fiscal year 2029. About the private sector investment, the Ministry proposed 9.1 percent target for fiscal year 2025, 9.8 percent for 2026, 10.4 percent for 2027, 11.1 percent for 2028 and 11.6 percent for fiscal year 2029. About the National Saving percentage of GDP, 14.1 percent investment target of GDP for fiscal year 2025, 14.3 percent for 2026, 15.1 percent for 2027, 15.6 percent for 2028, and 15.8 percent for fiscal year 2029. According to documents, the export would be increased $ 63 billion in five years, inflation would be reduced 6.2 percent and foreign direct investment would be increased 30 percent. The unemployment rate would be reduced to underfive percent and industrial production would be increased 40 percent. The planning minister said, 'We have a broader vision of transforming Pakistan into a $1 trillion economy by 2035. If we can reach $600 billion by 2029, adding another $400 billion over the next five to seven years is certainly within reach'. He said that outlining strategic priorities for the coming year, the government's focus would be on 'governance, innovation, and reform' to maintain growth momentum. He said that in a major positive development, the minister highlighted that headline inflation had dropped to 3.5 percent in May 2025, down sharply from 11.8 percent a year earlier. 'Only a few countries in the world have managed to bring double-digit inflation down so drastically in such a short time,' he noted. He said that foreign remittances had also seen a considerable jump, with inflows increasing by $10 billion over the past three years. He said that our remittances have grown from $27 billion to $37 billion, crediting the Pakistani diaspora for their resilience and patriotism. Sharing recent financial successes, the minister said Pakistan had posted a $1.9 billion current account surplus between July and April — a sharp reversal from a $1.3 billion deficit during the same period last year. He also revealed that improved project evaluation by the Planning Commission had saved the national treasury Rs5.4 billion last month. 'Better scrutiny and smarter planning make a big difference,' he said. Turning to national security, the minister mentioned a high-level, single-agenda meeting chaired by Prime Minister Shehbaz Sharif and attended by key national leadership, including representatives from Azad Jammu and Kashmir and Gilgit-Baltistan. 'The agenda was clear, crafting a unified national strategy to counter Indian aggression and provocations,' he said, warning India against weaponising water resources, which he described as a violation of international agreements. 'Pakistan's water rights are not a favour from India, they are protected by international treaties,' he asserted. Ahsan Iqbal said that just as Pakistan's armed forces had shattered India's arrogance on the battlefield, the country would counter India's economic and political hostility with unity, resilience, and adherence to international law. Copyright Business Recorder, 2025
