Budget 2024-25: PM Shehbaz Leads NEC Meeting on Development Programmes

ISLAMABAD: The National Economic Council (NEC) will meet under the direction of Prime Minister Shehbaz Sharif at PM House to complete the development plan for the upcoming fiscal year.

In addition, the four provincial chief ministers and representatives from the federation and provinces will discuss the development programme for the current fiscal year during the meeting.

At the meeting, the NEC is scheduled to approve the economic targets for the forthcoming fiscal year 2024–2025. Additionally, the 13th five-year plan, 2024–2029, will be considered for approval.

According to the publication, the economic growth target for the current fiscal year (2023–24) was set at 3.5%, but a 3.6% aim is suggested for the upcoming fiscal year.

A 12% average inflation objective is suggested for the upcoming fiscal year. For the current fiscal year, the average inflation target was 21%.

For the upcoming fiscal year, a 2% growth objective for the agriculture sector is suggested. 3.5% was the agricultural target for the current fiscal year.

In the forthcoming fiscal year, it is anticipated that the industrial sector will expand by 4.4%. The industrial sector’s objective for the current fiscal year was to achieve a 3.4% growth rate.

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The proposed growth objective for the services sector in the upcoming financial year is 4.1%. The current fiscal year’s objective for this sector was to achieve a 3.6% growth rate. The investment target is suggested to be 14.2% of GDP. In the forthcoming fiscal year, the national savings target will be 13.3%.

The federal government has reportedly created a five-year (2024–2029) plan for identifying key economic objectives. An integrated macroeconomic framework has been included in the strategy.

The five-year plan will be approved by the federal government and included in the budget for the upcoming fiscal year. The five-year plan will establish key economic objectives.

According to the sources, the plan addresses the macroeconomic framework, energy, balance of payments, development budget, population, food and agriculture, poverty, and governance reforms.

The suggested public investment for the upcoming fiscal year will be examined by the NEC. The provincial yearly development plan and the federal development programme will be examined by the council. The Central growth Working Party’s and ECNEC’s progress reports, as well as the growth plans of state-owned businesses, will also be reviewed.

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