ISLAMABAD: Secretary Finance Abdul Wajid Rana told the national assembly’s standing committee on finance that in the present fiscal year,  country’s growth rate is expected to be 3.7 percent while the inflation rate is expected to be 11 per cent, DawnNews reported.

The meeting was chaired by Pakistan People’s Party leader and chairperson of NA's standing committee on finance Fouzia Wahab in Islamabad.

The agenda of the meeting was to discuss issues pertaining to finance, income and planning.

The committee directed the finance ministry and federal board of revenue (FBR) to broaden the tax net, facilitate the tax-payers and to document the economic activity.

Rana told the committee that the tax collection of the first ten months of the present fiscal year has risen by 23 per cent as compared to the previous year. The tax of 416 billion rupees was collected in the said period, he added.

The inflation for the present year was forecasted as 12 per cent at the start of the fiscal year but now it is believed that economy will face inflation of about 11- 11.5 per cent, the finance secretary said.

Moreover he told that the steps are being taken to get rid of the issue of circular debts. Term Finance Certificates (TFC) amounting up to 80 billion rupees is being issued in this regard.

Rana said that energy sector has been given subsidy up to one thousand billion rupees during the last four years.