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With improvement of economy, revenue also increased positively: Shaukat

With improvement of economy, revenue also increased positively: Shaukat
May 30, 2021

ISLAMABAD (92 News) - Minister for Finance Shaukat Tarin has said on Sunday that with the improvement of the country's economy, the revenue has also increased positively.

Addressing a budget webinar on Sunday, the minister expressed satisfaction over the economic growth. He appreciated the economic policies of Prime Minister (PM) Imran Khan. "When the PTI government formed, the economy was facing a severe crisis. The prime minister took tough decisions to revive the economy. Priority measures were taken to increase the value of the rupee."

The minister termed that the increase in foreign exchange reserves as a reflection of economic recovery and said that a record revenue of over Rs4,000 billion was collected this year. "More taxes will not be imposed on the taxpayers, however, tax evaders will be put in prisons," he added.

Shaukat Tarin further maintained that the country's development can only be achieved by increasing exports. "We are trying to reduce revolving debts. More than 40 industries related to the construction sector were also activated. Due to farmer friendly policies, the agriculture sector is moving towards development," he mentioned.

The finance minister has said agriculture, industries, IT and Service sectors will be incentivized in the next budget to enhance their productivity.

He said the government has a progressive plan for the development of agriculture sector. "Enhancing its productivity will also help check the prices of food items. The tax rates will not be increased. We have figured out a plan to enhance our revenues."

He expressed the confidence that the tax collection will reach 5.8 trillion rupees next year. He said technology will be used to achieve the target without any coercion.

Shaukat Tarin said power sector will be stabilized and innovative ways will be used to reduce the ballooning circular debt. He said Prime Minister Imran Khan has given the commitment that there will be no increase in electricity tariff in the near future.

The finance minister reaffirmed the government's commitment to put the country on the path of inclusive and sustainable growth. He said the Economic Advisory Council comprising of eminent economists has been tasked the responsibility to prepare short, medium and long term plans for various sectors including agriculture, manufacturing, power, housing etc.

On the development side, Shaukat Tarin said the PSDP allocation will be increased to nine hundred billion rupees in the next financial year from the current year's 650 billion rupees. He said private sector will also be included in the development process.