ISLAMABAD: Finance Minister Ishaq Dar said on Saturday that the macroeconomic gains would not only be saved and consolidated but would be built further to ensure Pakistan’s entry into the Group 20 countries by 2020.
“No new tax would be imposed in the budget,” Dar told a post-budget press conference here. However, he warned of strict action against tax defaulters.
Referring to the news regarding hike in milk price being circulated on social media, the finance minister said that the price of milk had not been increased in the budget.
Dar stressed the need for evolving consensus on the Vision 2018-23 to lead the country towards progress and development. He added this was the best time for it before going into general elections 2018.
He said, "What are our targets, and where do we want to lead thecountry, should be clear and this is the best time to have a Charter of Economy and Roadmap."
He added that microeconomic progress and achieving socialeconomic targets were the goals and "we can lead the country towards achieving thses with unity.
"The finance minister said that instead of a routine three-year medium term plan, the government in the budget document, had introduced a five-year vision 2018-23. The Vision, he said, aimed at focusing on the second generation reforms including deepening of financial market, improving ease of doing business, enforcing property rights, improving regulatory apparatus, enforcing rule of law, creating a credible and efficient judicial system and to build an institutional foundation that can sustain economic growth and give protection against external shocks.
The vision envisages growth above 7 percent and highlights that over the next five years, the key drivers of economic growth should be investments, environment of competition and innovation with the private sector as an engine of growth, he added.
He said the government institutions should be reformed to focus on improved service delivery and better regulations to support the growth momentum while governance, transparency, accountability and business-friendly environment should become the key focus of country's policies.
The finance minister said that one million youth would be provided training of information technology.
He said the existing subsidy on tube-wells would also continue in the next fiscal for year farmers.