Cash-strapped Pakistan witnessed the highest-ever single-year increase in tax exemptions or concessions, surging by 73.24 per cent or Rs1.64 trillion in the outgoing fiscal year. The Pakistan Economic Survey 2023-24, released by Finance Minister Muhammad Aurangzeb on Tuesday, showed that the Federal Board of Revenue (FBR) doled out a record Rs3.879tr in FY24 compared to Rs2.239tr in FY23. The c
Pakistan’s economy failed to meet most of its targets set in the previous budget due to challenging conditions, but the agriculture sector achieved unprecedented growth, Finance Minister Muhammad Aurangzeb announced on Tuesday while unveiling the Pakistan Economic Survey (PES) 2023-24. The strong 6.25pc expansion in the agriculture sector — said by the report to be the highest in 19 years — dro
The federal cabinet approved the Digital Nation Pakistan Act 2024 to establish the National Digital Commission and Pakistan Digital Authority on Tuesday, in a bid to ensure the digitisation of the economy and promote e-governance. During the meeting, PM Shehbaz Sharif asked the law ministry to carry out the “required review” of the act, aimed at digitising the services sector in accordance with
Pakistan’s external account improved considerably during July-March FY24 as the current account deficit (CAD) narrowed down significantly by 87.5 per cent to $0.5 billion compared to $4.1bn last year,” reported the Economic Survey 2023-24 on Tuesday. The financial account also witnessed net inflows of $4.2bn, mainly augmented by inflows from friendly countries and official inflows, in sharp con
While the Economic Survey FY24 paints a dismal production picture, the local assemblers must be jubilant since sales of cars, light commercial vehicles (LCVs), jeeps, and pickups in May 2024 touched a 17-month high at 10,949 units, showing a jump of 100 per cent year-on-year and 4pc month-on-month. A drop in prices in some variants helped assemblers witness a recovery in sales despite expensive