has been made in FBR targets and we are on course to achieving the originally fixed targets. Against the indicative target of Rs. 2105 billion for the first nine months of the year, FBR has collected Rs. 2103 billion. The collections improved by around 19 percent as compared to the last fiscal year.
Dar said we achieved real GDP growth rate of 4.24 percent in FY 2015, which is the highest in the last 7 years. In view of the damage to the cotton crop, the growth rate for the current year is expected to be around 5 percent, which will be an 8 year high. For the next fiscal year, growth is projected at over 6 percent in our macroeconomic framework.
He said LSM growth remained robust at 4.4 percent during Jul-Feb 2016 compared to 2.4 percent last fiscal year. The LSM growth is the highest in the last 8 years.
Major sectors like Automobiles registered growth at 28 percent followed by Fertilizers 16 percent, Rubber products 11.6 percent, Leather products 11.5 percent, and Chemicals 11.2 percent. Cement dispatches witnessed uptick by over 19 percent and there has been a continued credit expansion. A welcome development is the increase in fixed investment. Electricity and gas supplies continued to improve since the start of the current fiscal year. The CPEC will also play a significant role in further boosting economic activities.
The Finance Minister said the Pakistan Stock Exchange (PSX) has scaled new height of 36,265 index on 10th May, 2016 crossing the highest index achieved previously in August, 2015 indicating robust economic activity and reflecting investor confidence.—INP