Automotive gross sales fall, agriculture booms: Financial Overview Report

Federal Minister for Finance Senator Muhammad Aurangzeb launched the Financial Overview Report of Pakistan for the present monetary yr in Islamabad on Tuesday.

In line with the Financial Survey Report 2023-24, the expansion fee was 2.38 per cent on the again of constructive financial exercise, which was 0.29 per cent in 2022-23.

Division of Agriculture

The principle cause for the constructive improve within the progress fee is the agriculture sector, which has recorded the very best progress within the final 19 years.

In line with the information given within the Nationwide Financial Survey report, the agriculture sector grew by 6.25 %, which was 2.27 % within the earlier fiscal yr.

The explanation for the report progress within the agriculture sector was the report manufacturing of main crops which is 16.82 %.

Through the monetary yr 203-24, the wheat crop was 31 million tonnes.

Inflation fee

In line with the financial evaluation report launched on Tuesday, the inflation fee was 26 %, which was 28.2 % final yr.

Inflation within the nation was 17.3 % in April, which had reached a historic excessive of 38 % in Could final yr.

Equally, meals costs rose by 48.1% in Could 2023, and declined to 11.3% in April 2024.

Senior journalist Mehtab Haider whereas speaking to Impartial Urdu stated that the impact of report progress within the agriculture sector is being seen within the type of improve in progress fee and discount in inflation.

mortgage

In line with the financial evaluation report, the entire debt of Pakistan until March 2024 was 67 thousand 525 billion rupees, through which the home debt is 43 thousand 432 billion and the exterior debt is 24 thousand 93 billion rupees.

In March 2023, the quantity of this debt was 59 thousand 247 billion {dollars}, which signifies that the debt elevated by 8 thousand 278 billion rupees.

Manufacturing of huge industries

The manufacturing of huge industries couldn’t contribute positively to the expansion fee this yr as nicely and its manufacturing remained at detrimental 0.1 %.

Decline of vehicle business

The car business noticed a decline of 37.4 %, in comparison with a 42.2 % decline final yr.

Through the present monetary yr, gross sales of small business automobiles declined by 60.5 %, whereas gross sales of vehicles and buses declined by 44.4 % and gross sales of small automobiles and jeeps by 40 and 36.7 %, respectively.

Tax:

The tax goal for the present fiscal yr was set at 9,415 billion rupees.

Seven thousand 361 billion rupees have been collected by the Federal Board of Income, which is 30.6% greater than final yr.

5 thousand 637 billion rupees have been collected final yr, however the tax assortment goal is probably not met.


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2024-06-12 21:36:45

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