Karachi: Federal Finance Minister Muhammad Aurangzeb has said that it is better for the government to withdraw from various economic sectors.
The federal minister said that the production of rice and corn grew due to the absence of the government, the exports of rice exceeded 4 billion dollars, it is a right move of the Punjab government not to set the support price for wheat.
Addressing the eighth edition of the Future Summit, he said that the private sector must play a role in research and development. If the government research institutes were doing something, where would agriculture have reached? Converted into surplus.
Increase in remittances and foreign exchange reserves, the value of rupee has stabilized, inflation has come down, before the reduction in interest rates, the interbank rate has reached 13% and the private sector is getting credit facilities at reasonable rates. It is hoped that this financial year The credit rating will be single B.
He said that the country cannot move forward without economic reforms, right-sizing and pension reforms are also necessary, tax revenue is 9.4 trillion while the circulating currency is 9 trillion, trying to change it will create problems, tax revenue has not increased. So the burden on the salaried class and industries will increase.
He said that the digitalization of government institutions will help in curbing corruption, by changing the DNA of the economy, foreign direct investment based on exports will be prioritized and access to global capital markets will be increased.
Later, in a conversation with the media, he said that the growth in agriculture and IT can be doubled, if the trend of increasing remittances continues, the volume can reach 34 billion dollars. He said that the purpose of pension reforms is to bring down the expenses, from July 1, the recruited employees will not be entitled to pension.
Pension will have to be deducted under Self-Funded Pension Scheme, pension is an issue for existing retired employees and recruitments before July 1, 2025. On the increasing population, he said that the 2.55% annual increase in the population has become a problem for the country’s survival.
This increase is not a ticking time bomb, but a bomb that has exploded, our children are malnourished, the health, nutrition, family planning, clean water and sanitation agenda needs to be taken seriously.