ISLAMABAD – The Ministry of Finance has stated that the perseverance of individuals made Pakistan the World’s 24th largest economic system by way of buying energy parity and 44th by way of nominal GDP.
“The financial insurance policies of the successive governments have promoted trade, agriculture and companies sectors,” stated the ministry of finance in its particular report, ‘75 Years Financial Journey of Pakistan’. The nation’s economic system has proven remarkably enchancment since independence. The nation’s nominal GDP rose from $Three billion to $383 billion from 1950 to 2022. In the meantime, GDP progress has gone up from 1.eight % in 1950 to five.97 % in 2022. Per Capita Earnings rose from $86 to $1,798 from 1950-2022. Exports have elevated from $163.9 million in 1950 to $32.5 billion from 1950-2022. The nation’s tax revenues has additionally enhanced from Rs0.31 billion to Rs6,126.1 billion from 1950-2022.
“Enhanced financial governance has paved the best way for a affluent and robust Pakistan. Given the present financial fundamentals and sound financial insurance policies being adopted by the current authorities, Pakistan is all set to turn into an financial energy home of the world,” stated Finance Minister Miftah Ismail. The report highlighted that incumbent authorities aimed to extend progress to 6-7 % in medium time period. The federal government would enhance tourism and knowledge expertise. It might additionally enhance funding local weather and entice home and overseas funding. The federal government would set up Particular Financial Zones (SEZs) specializing in export promotion, import substitution, and employment technology. Proactive measures would introduce a paperless working setting within the workplaces.
Agriculture
Agriculture sector has recorded progress in final 75 years. Wheat manufacturing has elevated from 3.354 million tonnes in 1948 to 26.394 million tonnes in 2022. Rice manufacturing has gone up from 0.693 million tonnes in 1948 to 9.323 million tonnes in 2022. Maize manufacturing has enhanced from 0.359 million tonnes to 10.635 million tonnes and sugarcane manufacturing from 5.529 million tonnes to 88.651 million tonnes. Cotton manufacturing has surged to eight.329 million bales from 1.156 million bales.
Water availability for the agriculture sector has gone up from 63.9 MAF in 1965-66 to 131.Zero MAF in 2021-22. Agriculture credit score disbursement has enhanced from Rs4.Three million in 1952-53 to Rs1,219 million in 2022. Fertilizer offtake has elevated from 31.Four thousand tonnes in 1960-61 to five,001 thousand tonnes in 2021-22.
Business
Early 1950s – manufacturing consists 80 % of the trade whereas building consists 16 %, mining and quarrying 2 % and electrical energy technology and distribution and fuel distribution 2 %. Nonetheless, the ratio has modified now. In 2022 – the share of producing is 65 %, the share of building, electrical energy technology, and distribution and fuel distribution reached 13 % and the share of mining and quarrying stood at 9 %.
Fiscal, Financial and Exterior Sectors
In fiscal sector, the scale of the Federal PSDP (Public Sector Improvement Programme) has elevated from Rs45.Four billion in 1990 to Rs900 billion in 2022. Share of direct taxes elevated from 22 % within the 1960s to 39 % within the 2020s. However, share of oblique taxes has decreased from 78 % within the 1960s to 61 % within the 2020s. In financial sector, credit score to the personal sector has elevated. Share of producing elevated from 16 % to 63 %.
In exterior sector, International Direct Funding (FDI) has elevated from $1.2 million in FY 1950 to $1,867.eight million in FY 2022. In the meantime, overseas remittances elevated from $0.14 billion in FY 1973 to $31.2 billion in FY 2022. Exports elevated from $162 million in FY 1950 to $31.eight billion in FY 2022. Equally, imports elevated from $276 million in FY 1950 to $80.2 billion in FY 2022.
Vitality
The nation electrical energy technology has additionally elevated from 41 GWh in FY 1949 to 123,248 GWh in FY 2022. Hydel electrical energy technology has enhanced from 41 GWh to 38,990 GWh. Thermal from 3,789 GWh in FY 1971 to 74,862 GWh and inexperienced vitality from 802 GWh in FY 2015 to three,709 GWh in FY 2022.
On the opposite, electrical energy consumption has additionally gone up for the family from 635 GWh in FY 2015 to 55,722 GWh in FY 2022. Electrical energy consumption for agriculture sector has elevated from 997 GWh in FY 1972 to 10,238 GWh in FY 2022 and for the economic sector, it has enhanced from 2,855 GWh in FY 1972 to 29,954 GWh in FY 2022.
Schooling
Pakistan literacy charge has improved from 16.Four % in 1951 to 62.eight % in 2020-21. Literacy charge for each male and females has improved. Male literacy has elevated from 19.eight % in 1951 to 73.Four % in 2020-21 and feminine literacy from 12.6 % in 1951 to 51.9 % in 2020-21.
Major colleges elevated from 770 thousand in 1947-48 to 25,676 thousand in 2020-21. Technical and vocational establishments elevated from Four thousand in 1947-48 to 500 thousand in 2020-21. Diploma faculties elevated from 4,368 in 1947-48 to 758 thousand in 2020-21. Universities elevated from 644 in 1947-48 to 1,964 thousand in 2020-21.
Well being
Variety of public hospitals has elevated from 292 in 1947 to 1,276 in 2021. Toddler mortality of 150-180 (per thousand) in 1947 decreased to 58.9 (per thousand) in 2021. Well being expenditures elevated from Rs1 million in 1947-48 to Rs657,185 million in 2020-21. Life expectancy elevated from 50-year in 1970 to 67.4-year by 2020.
Transport and Communication
Phone and cell customers elevated from 15,200 in 1947 to 194.2 million in 2021. Registered autos vs highway lengths elevated from 31,892 in 1947 to 32.Four million in 2021.
Inhabitants and
Labour-force
Inhabitants dimension elevated from 65.Three million in 1972 to 207.7 million in 2017. Inhabitants is estimated at 227.Zero million in FY 2022. Employed labour power elevated from 16.24 million in 1964 to 67.25 million in 2020-21. Poverty headcounts decreased from 40.24 % in 1969 to 21.9 % in 2018-19.