June 11, 2021 (MLN): The federal government has projected Gross Domestic Product (GDP) growth rate at 4.8% for the upcoming fiscal year 2021-22. However, for FY21, the government expects GDP to grow by 3.9%.
According to the budget document, the agriculture sector growth rate has been set at 3.5% for FY22, while by the end of FY21, the government expects the agriculture sector to post a growth of 2.8%.
The growth rate for cotton has been proposed at 10% of the overall GDP projected by the federal government for the upcoming FY22. However, for FY21, the government expects a contraction of 15.6% in ginned cotton.
For the industrial sector, the growth rate has been set at 6.5% for FY21 and 3.6% for FY21, while a growth rate of 6.2% and 9.3% have been estimated for the large-scale manufacturing sector for FY22 and FY21, respectively.
The growth target for the construction sector has been proposed at 8.3% for FY22, while for the services sector it has been projected at 4.7% and 4.6% for FY22 and FY21, respectively.
Moreover, for the livestock sector, growth targets of 3.7% and 3.1% have been set for FY22 and FY21, respectively.