ISLAMABAD – Pakistan has recorded an increased GDP growth of 5.3 percent during the current fiscal year due to prudent economic policies of the government. This was informed during the cabinet meeting held in Islamabad on Tuesday with Prime Minister Shahid Khaqan Abbasi in the chair.

The meeting was apprised that large scale manufacturing achieved 5.6 percent growth whereas per capita income increased to 1,629 dollars from 1,334 dollars in 2013.

It was further stated that remittances increased to 19.3 billion dollars, tax collection reached 3,362 billion rupees and fiscal deficit reduced by 5.8 percent.

In addition, forex reserves increased to 21.4 billion dollars and Foreign Direct Investment witnessed an increase of 2.4 billion dollars in the current financial year.

Speaking on the occasion, the Prime Minister said that renowned international rating organisations have recognised Pakistan’s upward economic growth despite internal and external challenges.

The Federal Cabinet approved amendments in Rules of Business, 1973 after revamping new federal ministries and divisions.