Wednesday, 15 May 2024, 12:07:54 am

Govt unveils Rs2.043 trillion PSDP funding for FY 2019; highest ever in history
April 27, 2018

The overall size of National Development Outlay for the next financial year is 2043 billion rupees, with a foreign assistance component of 339 billion rupees.

This is the highest ever outlay in the history of the country, reflecting commitment of the government for steering greater development.

The size of the federal public sector development program is 1030 billion rupees, while that of provincial Annual Development Plans is 1013 billion rupees.

CPEC related projects have been assigned highest priority for their timely completion. Water, energy and transport projects have also been given priority to attract domestic and foreign investment.

For the first time, innovative mode of public-private partnership has also been initiated in the PSDP. This will help in making development process more inclusive and reduce burden on the public exchequer.

Transport and Communication sector has been given highest priority with 400 billion rupees followed by energy sector with 237 billion rupees to overcome shortage of power in the country.

A substantial amount of 135 billion rupees has been earmarked for social sector, education and higher education 57 billion rupees, Prime Minister's Youth Program 10 billion rupees, rehabilitation of Temporarily Displaced Persons and Security Enhancement 90 billion rupees and Gas Infrastructure Development Cess 5 billion rupees.

An allocation of 62 billion rupees has been made for Special Areas. These include 22 billion rupees for Azad Kashmir, 15 billion rupees for Gilgit-Baltistan and 25 billion rupees for FATA. Ten billion rupees have also been capped for FATA 10-Year Plan.

The government has set a target of 6.2 percent of Gross Domestic Product growth for next financial year, with 3.8 percent contribution from agriculture, 7.6 percent from industry and 6.5 percent from services.

Industrial sector is targeted to grow by 7.6 percent during next financial year.

The target for manufacturing sector is 7.8 percent with Large Scale Manufacturing 8.1 percent and Small Scale, Household Manufacturing 8.2 percent, Construction 10 percent and electricity generation and gas distribution 7.5 percent.

The industrial sector is expected to get boost from improved energy supply, public sector expenditure and mega initiatives under CPEC to develop infrastructure, energy resources, roads, railways and bridges.

Services sector is targeted to grow by 6.5 percent with 8.3 percent contribution by retail and wholesale trade and transport, storage and communication.

Investment target for the next financial year has been kept at 17.2 percent of GDP in order to achieve sustained and inclusive growth. National Savings as percentage of GDP are targeted at 13.1 percent.

The Annual Plan envisages domestic crude oil production target at 33.50 million barrels and that of gas at 1.473 TCF. The plan also envisages exploration and development of 90 wells, construction of 10 oil storages and addition of over 1.12 million new connections by gas companies.

Power generation capacity of 2270 MW including 450 MW from renewable energy will be added to the national grid.

The allocation for next financial year for the mass media sector is over 1644 million rupees.

According to the development program, plans for digitilizaton of Radio Pakistan are being chalked out. Pakistan Broadcasting Corproation is in the process of selection of a digital audio broadcasting standard for the country.