A meeting of the National Economic Council (NEC) chaired by Prime Minister Shahid Khaqan Abbasi on Wednesday noted the economic indicators that have improved significantly since the PML-N government took over and approved the socio-economic objectives for the 12th Five Year Plan (2018-2023).
The meeting also authorized the Planning Commission to prepare draft plan in consultation with the provincial governments and other stakeholders here at the Prime Minister’s Office.
The meeting also approved enhancement of sanctioning powers development of forums of Azad Jammu and Kashmir, Gilgit Baltistan and FATA, according to which the sanctioning limit for Development Working Party (DWP) of the three regions has been increased to Rs. 400 million while the Development Committees (DC) would be authorized to sanction the development expenditure upto Rs. one billion, a press release said.
The meeting was briefed on achievements made so far during the 11th Five Year Plan (2013-2018). It also highlighted various achievements made during the period, it was informed that besides improved law and order and overall energy situation 7,653 MW have been added till December 2017 to the installed capacity of 20,000 MW available in 2012-13.
The meeting was informed that 3,163 MW would be added to the national grid by June 2018. It was also noted that a all time high level of indigenous oil production was witnessed at 100,698 bbls/day as compared to 76,000 bbls/day in 2012-13.
Discussing economic gains made during the 11th Plan, it was informed that the average annual growth rate of GDP which was at 3.0% in 2012-13 increased to around 5% with the decade’s highest growth rate of 5.3% in 2016-17.
The meeting noted that industrial out-put growth has increased from 2.7 to 5.6% with 9 years highest industrial growth of 5.8% in 2015-16. Growth rate of the manufacturing sector rose from 1.6 to 5.0% and the large scale manufacturing grew from 0.6 to 4.7%.
The inflation rate which stood at an average of 12% was brought down to 5.2% during this period. The meeting was informed that early harvest projects of CPEC project were on track with 42 projects being implemented through PSDP 2017-18.
Highlighting large public investments made during the 11th Five Year Plan, the meeting was informed that 1415 billion were invested in the energy sector during 2013-18 as compared to Rs. 706 billion in 2008-13.