The government’s failure to assess the global scenario before setting targets has resulted in a significant gap in achieving major objectives for the current fiscal year, according to experts. Initially aiming for a 7.5 percent GDP growth, the target was revised down to 6.5 percent due to the ongoing impact of the pandemic and the Russia-Ukraine war. While the estimated GDP growth for FY23 is 6.03 percent, it surpasses projections from the World Bank, IMF, and ADB. However, the government has struggled to control rising inflation, with the Consumer Price Index averaging 8.64 percent. Revenue collection is also behind, with the National Board of Revenue achieving only 67 percent of its target. Similarly, the implementation of the development budget is at 50 percent. Experts emphasize the need for realistic goal-setting, improved policy measures to manage inflation, revisiting the budget based on global conditions, and stabilizing the economy for future macroeconomic stability.
Government Falls Short of Fiscal Year Targets
Economic Tag: Govt.
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