Robust growth in revenues during first half FY 2004
Karachi—The State Bank of Pakistan, Tuesday stated that second quarter of the financial year 2004 (Q2-FY04) fiscal performance remained quite remarkable.
In the second quarterly report for the year 2003- 04, SBP explained that Rs.33.7 billion consolidated budget deficit reported for first half of the year (HI- FY04) is lower than the Rs.40.9 billion recorded for Q1-FY04. “In other words, it seems that the quarter under review recorded the first ever fiscal surplus since sub-annual data was made available in FY01.”
In terms of GDP, the consolidated budgetary deficit for HI-FY04 is a mere 0.8 percent, comfortably within the 4.0 percent annual target for FY04 and approximately half of the corresponding period last year.
The support came both from disciplined expenditures as well as a robust growth in revenues during HI-FY04. While the spending growth was contained to 3.6 percent (vs. the 4.0 percent average target for FY04), a 13.9 percent revenue growth for the period substantially exceeded the 5.3 percent average growth target for FY04.
Both tax and non-tax receipts contributed strongly to the aggregate revenue growth. While the former benefited from strong CBR tax collections; higher interest and dividend income largely due to improving health of financial and non-financial institutions coupled with logistic support receipts from US helped the rise in non-tax revenues, SBP pointed out.
CBR Q2-FY04 tax receipts jumped 22.8 percent YoY to Rs.136.4 billion, pushing the cumulative HI-FY04 tax revenues to Rs.230.4 billion - well above the Rs.218.1 billion target for the period.
The strength of the CBR performance is also underlined by the fact that, other than direct taxes (which were marginally below target), receipts under all tax heads comfortably achieved the respective HI- FY04 targets, SBP stated.
The State Bank of Pakistan, in its second quarterly report referring to impressive 12.4 % aggregate growth in industrial sector, termed availability of cheap consumer financing, strong growth in exports especially to textiles, higher farm income, and lower funding cost etc. instrumental to enhance demand vis-a-vis high growth rate.
State Bank of Pakistan stated that an acceleration in industrial production during Q2-FY04, compared to Q-1-FY04, led to a remarkable aggregate growth of 12.4 percent during the HI-FY04 compare to a 5.1 percent growth in the corresponding period last year.
This strong growth in industrial production owes largely to a 14.7 percent growth in large-scale manufacturing (LSM), with a supporting contribution from the 6.7 percent increase in electricity generation.
The State Bank of Pakistan has also predicted a reasonably good growth in the agriculture sector during financial year 2004 (FY04). The central bank in its second quarterly report for the year 2003-04, maintained that agriculture sector is expected to record good growth despite the negative impact of lower than the targeted cotton crop and the loss to poultry sector due to the “bird flue” virus.
In fact, the above target production of rice and sugarcane offset much of the impact of the relatively weak FY03 cotton crop. However, achieving the 4.2 percent growth target for agriculture during FY04 is only possible if the wheat harvest exceeds its target by a substantial margin and the livestock sub-sector remains at least on target, SBP stated.
Analyzing the outcomes, SBP stated that water availability improved further, reaching almost to the norma level in kharif FY04, and increasing by 30.1 percent in rabi FY04 compared to FY03.—APP
http://www.pakobserver.net/200403/31/view/?page=1&id=9
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No chapter, verses regarding Jihad, Shahadat
removed from textbooks: Zubaida
RECORDER REPORT
ISLAMABAD (March 31 2004): Federal Education Minister Zubaida Jalal has said that no chapter or verses regarding Jihad and Shahadat has been deleted or removed from the textbooks being taught in the country and the Ministry would soon delete any objectionable material, which spreads the sectarian hatred among the people, from the textbooks.
She stated this on Tuesday while addressing the participants of the 'National Seminar on Preventive Education against AIDS/HIV', jointly organised by the Ministry of Education in collaboration with Unesco.
The Minister categorically rejected the assumption and said that no verses regarding Jihad has been deleted, rather some have been shifted from inter level to matric level.
She told the participants that the Ministry of Education is the defender of the ideological boundaries of the country and would go to every extent to uphold the Islamic identity of the nation.
She maintained that making up-to-date changes and bringing modifications in the textbooks is the sole discretion of the provinces, but they can only modify the textbooks by following a strict policy guideline framed by the federal ministry of education.
Zubaida Jalal informed the participants that report has been sought from the province on the issue to inform the public and the parliamentarians about the actual situation.
The Minister further said that some politico-religious elements misinterpret the term Jihad thus inciting the masses by misinforming them about the non-issue.
She maintained that she would soon disclose the factual position and clear the assumptions and misconceptions found in a section of people through the media.
Meanwhile, talking to the Indian journalists at SAF games, Zubaida Jalal said that syllabus being taught in Pakistan is minority-friendly and minorities enjoy equal rights in the educational institutions of the country.
She also told the journalists that in Pakistan not even a single minority student has been killed in the school, as contrary to that of many neighbouring and other countries of the world.
Pakistan is the only country where minorities have the full freedom to profess and practise their religious doctrines, without the state intervention, she said adding no new curriculum has been framed in which the Ideology of Pakistan and the Indo-Pak History has been changed.
She said that no democratic country in the world could change its history being taught to the students in the schools.
She termed the Ideology of Pakistan and the Pakistan Movement, as an integral part of the syllabus and the country is proud of its independence movement.
Copyright Business Recorder, 2004
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