Finance Minister Muhammad Aurangzeb has said that Pakistan failed to achieve most macroeconomic targets in the FY2023-24 and added that the agriculture sector boosted the GDP growth to 2.38% in the outgoing financial year FY2024.
He said this while presenting the Economic Survey of Pakistan 2023-24, a pre-budget document containing the details of macroeconomic indicators during the outgoing fiscal year, in Islamabad on Tuesday.
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The finance czar said growth in the large-scale manufacturing (LSM) was hampered due to the impacts of the interest rate regime and energy equation.
“The agriculture was the ‘saviour’ backed by the bumper crops. Agriculture is going to remain a huge lever of growth as we go forward,” Aurangzeb said.
The finance minister said the agriculture sector witnessed the highest growth of 6.25% in 19 years, driven by 16.82% growth in key crops like wheat, rice, and cotton.
He told the presser that nations run on taxes, not charity as Pakistan recorded a gross domestic product (GDP) growth of 2.38%, up from the envisaged target of 2%.
“There are no sacred cows, everyone will have to contribute to this economy. Because schools, hospitals, and universities can run through philanthropy, but not countries, they run on taxes,” he told journalists.
