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Government Aims for 3.5% GDP Growth in FY24

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As the new fiscal year commences, the government has unveiled its growth targets for different sectors, aiming to achieve a sustainable and robust economy. With a focus on agriculture, industry, services, and other sectors, these targets reflect the government’s commitment to driving economic development and improving the lives of its citizens. 

Recognizing the significance of the agriculture sector, the government has set a growth target of 3.5 percent for FY24. This emphasizes the need to promote sustainable farming practices, enhance crop productivity, and ensure food security for the nation. In line with this, a growth target of 3 percent has been established for significant crops, along with a specific focus on achieving a growth rate of 7.2 percent for cotton ginning.

The industrial sector is poised to witness a 3.4 percent growth in the upcoming fiscal year. The government’s comprehensive approach encompasses different areas within the sector, including construction, electricity generation and gas distribution, mining and quarrying, and overall manufacturing. The targets set include a 1.5 percent growth for construction, 2.2 percent for electricity generation and gas distribution, 1.2 percent for mining and quarrying, and an ambitious 4.3 percent growth for overall manufacturing.

With a growth target of 3.6 percent, the services sector aims to contribute significantly to the country’s economic expansion. This sector encompasses diverse areas such as wholesale and retail trade, transportation, storage and communication, lodging and food services, information and communication, financial and insurance activities, and real estate activities. The projected growth rates for these sub-sectors are 2.8 percent, 3.5 percent, 4.1 percent, 5 percent, 3.7 percent, and 3.6 percent, respectively. These targets emphasize the government’s commitment to fostering a robust service-oriented economy.

The government has also established growth targets for other sectors, aiming to promote a holistic development approach. The education sector is set to grow by 3 percent, emphasizing the importance of investing in human capital and quality education. Similarly, the government has allocated a growth target of 3 percent for human health and social work, recognizing the need to enhance the well-being of the population. Public administration and social security are targeted to grow by 3.2 percent, while a growth rate of 5 percent has been set for all other sectors, ensuring a comprehensive approach to economic growth.

The government’s growth targets for FY24 reflect a commitment to fostering sustainable economic development across various sectors. With a focus on agriculture, industry, services, education, and other areas, these targets provide a roadmap for driving economic expansion and improving the lives of citizens. By implementing targeted strategies and policies, the government aims to create a conducive environment for growth, job creation, and overall socio-economic progress in the coming fiscal year.

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