Finance Minister Muhammad Aurangzeb has unveiled the Economic Survey of Pakistan 2023-24 – an yearly exercise before the presentation of budget – as the government has revealed its intentions for the next fiscal year after the National Economic Council (NEC) approved a massive increase in its Public Sector Development Programme (PSDP) budget for the next fiscal year. Addressing a press conference in Islamabad, Finance Minister Muhammad Aurangzeb announced that revenue collection for the fiscal year 2023-24 saw a 13 percent rise compared to the previous year. He highlighted that the GDP growth rate was 2.38%, falling short of the target due to ongoing economic challenges. The economic survey also indicated that the rupee depreciated by 29% during the fiscal year. The finance minister said that the large scale manufacturing sector faced significant setbacks due to inflation, increased energy costs, and other issues.

Source: The Nation June 11, 2024 19:51 UTC