Agriculture, industry, information technology (IT), and service sectors in Pakistan would be encouraged mostly in the upcoming budget, Finance Minister (FM) Shaukat Tarin, stated.

On Sunday, the Finance Minister said the government has a proactive strategy for the growth of the agriculture sector, speaking at a webinar titled “Budget 2020: Balancing Stability and Growth” conducted by the Institute of Policy Reforms in Islamabad. Improving its production would also assist to keep food costs under control.

The Finance Minister has declared that tax rates would not be raised. He stated that we had devised a strategy to increase our income. He expressed optimism that tax revenue will hit 5.8 trillion rupees next year. He stated that technology would be utilized to attain the goal without the use of compulsion.

Shaukat Tarin says the administration is committed to ensuring sustainable and inclusive development by promoting the development of a few key areas of the economy, namely revenues, agriculture, industry, and foreign trade.

The finance minister mentioned that the government has previously formed an Economic Advisory Council (EAC) to design strategic initiatives with the assistance of specialists to secure the long-term growth of roughly 12 different industries.

The minister stated that Pakistan required inclusive and sustainable progress, which few regional nations were enjoying, and that a planned roadmap was being constructed, whereby the present and subsequent administrations must follow to ensure consistency in the planning stage. He said that this was the first time the government had created such a thorough strategy for economic development since the 1960s.

The minister stated that increasing tax collection will be the government's main objective, noting that tax collection presently accounts for less than 10% of GDP. He stated that the actions previously implemented by the government have increased earnings beyond the Rs 4 trillion benchmarks, something he described as historic, and also that he intends to increase it to over Rs5.8 trillion in the next fiscal year.

The government plans to increase funds for the Public Sector Development Programme (PSDP) to Rs 900 billion, and projects will be launched using Public-Private Partnerships to encourage growth this time.

Agriculture was a top priority for the administration, he said. He regretted that Pakistan had been transformed from a food-exporting to a food-importing country and that the government's priority will be to reverse this trend.

He also stated that there had been a necessity to focus on all agricultural chains and that a progressive strategy with a variety of incentives for agriculture reforms was being implemented. He also stated that the government was concentrating on creating the industry more sustainable to increase exports significantly.

Senior Vice Chairman Riaz Ahmed of the Pakistan Carpet Manufacturers and Exporters Association (PCMAEA) stated on Sunday that the export sectors should be divided into categories based on the magnitude of the problems encountered, and the industry with the most difficulties must be prioritized.

In an open letter to Prime Minister Imran Khan, the vice-chairman of the association, Riaz Ahmed, claimed that Prime Minister Imran Khan is making all effort to enhance exports, thus he must play a significant role in overcoming the handloom carpet industry's long-standing challenges.

Thus according to him, Pakistan's handmade carpet goods have a distinctive character across the world, thus makes and exporters who've been working for years are emotionally invested in it despite extreme conditions. Despite having scarce resources than their competitors, our carpet exporters are making every effort to compete with them, particularly with their archrival India.

“We appeal to Prime Minister Imran Khan to respond to our concerns to restore this industry,” he stated.

He mentioned that the government is investing billions of rupees to avoid urbanization through agricultural and livestock growth. People in rural regions can also find work in the handloom carpet business, which is right on their doorstep.

“We urgently need the government's support to recruit individuals who have left the business and new talented workers by providing appealing incentives,” he said.

Shaukat Tarin previously stated that the country saw remarkable V-shaped development despite being in such a difficult International Monetary Fund (IMF) project.

In a tweet, the minister stated that the IMF project was required due to an unmanageable current account deficit, declining foreign currency reserves, and a deadly COVID-19. He thanked Prime Minister Imran Khan and his staff for attaining this success.