Karachi (PR): President Pakistan Businessmen and Intellectuals Forum and former provincial minister Mian Zahid Hussain on Thursday said economy performed better in the current fiscal as compare to last year despite many challenges.
Three critical sectors of the economy agriculture, industry and services could not meet targets while FBR is set to miss the collection target by hundreds of billions of rupees.
Currently FBR is facing a shortfall of Rs394 billion despite twice revision in target down from Rs 2810 billion to 2605 billion.
Commenting on the economic survey, Mian Zahid Hussain said that the economy braved challenges like energy crisis, natural calamities, political instability, law and order, war against terror, global slowdown and conflicting policies at home.
He said that imports outmatched exports in the current fiscal while targets for investment and power generation could not be achieved.
The veteran business leader said that current account deficit remained at Rs 1.36 billion which was Rs 2.93 billion last year. The positive development is attributed to reduced oil prices and 16 percent hike in remittances that also helped contain inflation providing opportunity to the central bank to bring policy rate to 42 years low.
He said that annual power generation was increased by 1.94 percent which is well below target and demand that has compromised business activities and standard of living of almost everyone.
Mian Zahid said that finance, insurance, small-scale manufacturing, cotton ginning, livestock, fisheries and forestry showed good results in the ongoing fiscal which is encouraging.