ISLAMABAD, June 14: The Pakistan Tehrik-i-Insaf (PTI) has termed the federal budget 2003-04 elitist and devoid of any relief to the poor.

Central information secretary of the party Akbar S. Babar on Saturday said the budget lacked any significant proposals for economic growth. He said even the estimated growth rates were conflicting as the GDP growth rate figure of 5.1 per cent presented in the budget was in conflict with the 4.9 per cent overall GDP growth announced only two weeks ago in the economic survey report for 2002-03.

While small-scale manufacturing sector provided the bulk of employment opportunities in the manufacturing sector, the budget offered no incentives to the small-scale manufacturers, he maintained. He said fixed investment as a ratio of GDP declined to 13.1 per cent in 2002-03 compared to an average of 13.4 per cent in 2000-2003. Contrary to the government rhetoric, public investment has decreased and private investment is stagnant, he added.

He said the increase in national savings was primarily due to the phenomenal increase in remittances after 9/11, which were expected to exceed $4.0 billion.

Mr Babar said despite claims of major economic benefits due to the policy U-turn on Afghanistan, public debt increased by 0.5 per cent and Paris Club debt rose by over 3 per cent. Total long- and medium-term debt rose by 0.3 per cent..—APP