KARACHI: Increased domestic production coupled with enlarged imports, an impressive improvement in the growth rate of economy, and expansion of banking facilities as well as of industrial finance and agricultural credit — these are, inter alia, the bright aspects of the county’s economic situation surveyed in the 1963-64 annual report of the State Bank of Pakistan.

The report, released to the Press in Karachi yesterday, also mentioned a sizable deficit of Rs81 crores in the balance of payments on current account, introduction of a quota system in respect of scheduled banks, borrowings against Government securities from the State Bank and the rise in money supply to the extent of Rs 100.21 crores during 1963-64.

The increase in GNP estimated at 6.5 per cent compared with the growth rate of 2.6 per cent last year. The overall index of agricultural production recorded an increase of over six per cent, due largely to the all-time high production of rice up to 116.29 lakh tons, representing an increase of 18.6 per cent compared to 1962-63. The index of industrial production, which had risen to 133.6 in 1962-63, rose further to 156.5 by October-December, 1963. Increased domestic production coupled with enlarged imports brought about a notable improvement in overall availabilities.

Published in Dawn, September 3rd, 2014