Inflation rate brought down from above 11pc to 4pc, says Miftah Ismail
Islamabad (Web Desk) : On Monday, Speaking about the government’s achievements in the last five years, Miftah Ismail, The adviser to Prime Minister on Finance said that inflation had been brought down from over 11 percent to under 4 percent while energy crisis had largely been resolved.
He was addressing a Round Table Conference titled “Pakistan Paradise for Investment” in Islamabad.
Miftah Ismail said that Pakistan was the prime producer of a number of agricultural products like cotton, wheat and others. He also said that the present government had doubled the GDP growth rate in last five years and current GDP growth rate 5.8 was the highest in last 13 years.
He added, Country’s economy has the potential to grow by 10% annually and if economic policies and reforms, introduced by the government in economic and taxation sectors, continued in future, the higher growth target can easily be achieved in years ahead.
He said privatization of state institutions should be on top of the agenda of all political parties’ manifestos for the forthcoming general election.
Whoever comes in power after elections should have the mandate to freely implement privatization reforms agenda without unnecessary opposition, he said speaking at Pre-Budget Symposium-2018 organized by Sustainable Development Policy Institute (SDPI) in collaboration with FES Pakistan here.
He said we need to decrease the cost of doing business to make the local industries competitive with the world market and to attract more Foreign Direct Investment (FDI) as well.
He said from next fiscal year the employees who would have salaries less than 100,000 rupees per month would be exempted from paying taxes. The incumbent government raised the minimum threshold from 40’000 to 100,000 rupees, he said.
Miftah Ismail said with the help of National Database Regulator Authority, Federal Board of Revenue would identify rich people and will bring them into tax net.
Later talking to media, Miftah Ismail said that the Prime Minister has specially advised him to announce special package for government employees and pensioners in the 2018-19 budget.
He said although the inflation rate was under five percent but the Government will give more relief to the employees and pensioners.