GDP target of 5 percent likely in next budget

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ISLAMABAD: Government has approved strategy for next fiscal year 2015-2016 and it is likely that growth rate to be fixed at 5 percent while budget deficit will be set at 3.4 percent.

Tax collection will be increased as compare to previous year and government has set target of  3100 billion rupees for revenue generation in next fiscal year.

The government has also decided to increase development budget substantially. It is likely that the government will allocate 580 billion rupees for development and in last year it had fixed 525 billion rupees for the purpose.

It is expected that 80 billion rupees of additional amount be added to defense budget due to National Action Plan and it will be of around 770 billion rupees and last year the figure was 690 billion rupees.

For health it is likely that the government will allocate 12 billion rupees while for education six billion rupees will likely to be added in previous year figure of 64 billion.