Proposal to shut markets at 8:30pm across country under consideration
NEC approves 5% economic growth target for FY 2022-23
ISLAMABAD: National Economic Council (NEC) Wednesday approved the annual targets for the upcoming fiscal year 2022-23 including the economic growth target set at 5%, along with the commitment to make efforts to raise it to 6 percent.
The NEC, presided over by Prime Minister Muhammad Shehbaz Sharif, also approved various sectors’ growth targets for the new fiscal year including agriculture 3.9%, industries 5.9% and services 5.1 percent.
The Council also approved the Macro-Economic Framework for Annual Plan 2022-23. The proposed allocation of Rs. 800 billion for Public Sector Development Plan (PSDP) for the next fiscal was also approved by the Council.
The Council unanimously decided that 60% of the development budget would be spent on the ongoing projects, while the remaining 40% would be spent on the new development schemes.
Meanwhile, a proposal to shut down markets at 8:30pm in an effort to conserve energy came under discussion on Wednesday during a meeting of the freshly reconstituted National Economic Council (NEC).
Prime Minister Shehbaz Sharif chaired meeting, which was attended by the chief ministers of Sindh, Punjab and Balochistan. Khyber Pakhtunkhwa Chief Minister Mahmood Khan did not attend the meeting and Chief Secretary Shehzad Bangash represented the province instead.
According to a handout issued after the meeting, all four provinces agreed in principle on the proposal to close down markets by 8:30pm. However, the chief ministers of Sindh, Balochistan and Punjab sought two days to consult trade bodies and business communities in their respective provinces.
During the meeting, the chief ministers were consulted on the national strategy for tackling the energy crisis. The participants were also informed about the federal cabinet’s decisions and proposals for conserving energy, the statement said.
On the other hand, KP Finance Minister Taimur Khan Jhagra said on Twitter that the province had not agreed to close down markets. “KP has not agreed to this. It was put forward that KP will decide after consultation with the CM,” he said.