Federal Minister for Planning and Development Asad Umar Wednesday said that with the implementation of successful strategies of current government, country was witnessing a historic increase in active taxpayer network, about 2.5 million people have filed their annual income tax returns.
Government would continue walking down the path of stabilization while moving towards stimulating growth in the economy, he said while speaking to PTV news channel.
The positive signs in Pakistan’s economy were seen during the ongoing fiscal year 2020-21 (FY20-21), with remittances growing, tax collection going up, and the primary balance turning into a surplus worth as well, he added.
He further explained that the current government inherited a very precarious economic situation in 2018 and therefore had to introduce strict financial discipline to curtail excessive government expenditure, increase revenue collection, introduce market driven exchange rate, remove large tax exemptions and discourage imports.
During Covid-19, Asad Umar said the government introduced smart lockdown to balance the imperative to contain the spread of the disease with the need to keep the economy functional, adding, Pakistan’s economy situation is far better than other countries.
He said despite Covid-19, Pakistan has registered an upward trend in foreign remittances which is a clear reflection of confidence in Pakistan’s economy.
Asad Umar said that country also witnessed a double digit growth for exports, adding, the policies of government of Pakistan were very wise, focusing on the prevention and control of the pandemic on the one hand and the economic recovery.
He said that Pakistan’s economic framework was stable as government had focused on ending the energy crisis, which was necessary for industrial expansion and job creation.
Replying a query, he said that Prime Minister Imran Khan was the only leader who highlighted the grievances of Karachi and he took bold decisions for the welfare of neglected city, adding, around 20% of electricity was provided to Karachi only.
He said the power system was more batter than previous years, adding, the federal government had “forced KE to build a proper power distribution system”.
He said as per commitment the federal government will not leave the people of Karachi alone in difficult situation and will take all possible measures for the resolution of the hardships faced by them.
Talking about inflation, he said PM had serious concern with the issue of high prices and public would get relief from it soon.