News Analysis |
The ruling Pakistan Muslim League Nawaz apparently embarrassed its ‘Quaid for life’, Nawaz Sharif as it unveiled the Economic Survey on Thursday, claiming that the country witnessed highest growth rate in 13 years.
Prime Minister’s Adviser on Finance, Miftah Ismail and Planning Minister Ahsan Iqbal released the survey and claimed that the growth rate was recorded at 5.79 % against the set target of 6% during the past fiscal year.
Claiming that the growth rate was endorsed by World Bank and other international organizations, the ministers highlighted performance in agriculture, industry and services sectors which grew by 3.81 percent, 5.8 percent, and 6.43 percent, respectively.
When the latest Economic Growth of the country was being presented, the Pakistan Muslim League Nawaz leaders were indirectly contradicting their own claims, though they seemed oblivious of the juxtaposition.
Although the ministers, who are close to Nawaz Sharif, bragged about the economic performance in the last year, they indirectly contradicted their boss Nawaz Sharif, the former prime minister, who has been decrying his ouster in the Panama Papers case and claiming that the Supreme Court’s verdict had dealt a huge blow to the economy of the country.
Miftah Ismail also informed that inflation during July 2017 to March 2018 stood at 3.78 percent, lower in comparison to 4.01 percent in the same period of last year, contrary to the claims of Nawaz Sharif.
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The ministers while highlighting their performance, indirectly kept on shaming and contradicting former prime minister, by stating that exports increased by 12 percent and imports slowed down to 16.6 percent as compared to 48 percent at the start of the year.
The statistics regarding inflation also contradict Nawaz Sharif’s stance as according to the claims of the ministers, it plummeted to 3.8% from last year’s 4.09%, a vindication of success of Khaqan Abbasi’s policies.
The country’s Gross Domestic Product also increased from earlier 5.7% to 5.8%, according to the latest economic survey, proving that the disqualification of Nawaz Sharif did not hurt the economy to a great extent.
Prime Minister’s Adviser on Finance, Miftah Ismail and Planning Minister Ahsan Iqbal released the survey and claimed that the growth rate was recorded at 5.79 % against the set target of 6% during the past fiscal year.
The figures regarding Cotton ginning also oppose Pakistan Muslim League Nawaz’ narrative that Pakistan’s economy was turbulent after the Panama Papers case because it recorded growth of 11.8 percent while in the last Economic Survey, the sector witnessed growth of 5.59 percent.
Although Pakistan Muslim League Nawaz keeps on targeting Pakistan Tehreek-e-Insaf-led Khyber Pakhtunkhwa government for having deceived the public through the Billion Tree Tsunami project, even then according to the latest Economic Survey, timber production increased in the province.
The fisheries sector also saw a surge from 1.23 to 1.6 percent, further denting the claims that Nawaz Sharif’s disqualification had rolled back the economic progress. The growth in the agriculture sector also confirms that the policies opted after the departure of Nawaz Sharif from office were successful as it rose from 3.46 percent to 3.8 percent.
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The number of doctors, dentists, nurses and hospital beds have also seen a growth in the last fiscal year. The Sugarcane production also recorded a growth of 7.4 percent compared to last year as 81.102 million tones sugarcane was produced. The production of rice also reached a historically high level of 7, 442 thousand tones as the cultivated rice crop increased by 6.4 percent.
Regarding the production of automotive industry, the figures also negate the claims of Nawaz Sharif as cars manufacturing saw a growth of 16.8%, LCVs 19.7%, Jeeps 1430.7%, trucks 24.4%, farm tractors 44.7% and three wheelers 17.3 %. Only the production of buses is reduced by 39.4 percent. Cement sales have also seen a historic growth and according to the Economic Survey, total sales in March 2018 were high, by 4.652 million tons.
The statistics regarding inflation also contradict Nawaz Sharif’s stance as according to the claims of the ministers, it plummeted to 3.8% from last year’s 4.09%, a vindication of success of Khaqan Abbasi’s policies.
Moreover, the development expenditure (excluding net lending) grew by 30.1 percent during FY2017, outpacing the growth in current expenditure during the second consecutive year. Statistically, they stood at Rs 1,693.5 billion against Rs 1,301.5 billion during last year.
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The net collection of direct taxes has registered a growth of 12.7 percent during the first eight months of 2017-18, confirming that the economy was not in shambles as portrayed by the former premier.
A few of the figures revealed by the government, compared against the figures put forth by Ishaq Dar, last year, give credence to the perception that the country did not witness a major blow to its economy, although the ruling party kept denouncing the verdict of the apex court on the pretext that it would harm the economic growth of the country.
When the latest Economic Growth of the country was being presented, the Pakistan Muslim League Nawaz leaders were indirectly contradicting their own claims, though they seemed oblivious of the juxtaposition.