ISLAMABAD: Finance Minister Shaukat Tareen has said agriculture, industries, IT and Service sectors will be incentivized in the next budget to enhance their productivity.

Addressing a budget webinar in Islamabad on Sunday, he said the government has a progressive plan for the development of agriculture sector. Enhancing its productivity will also help check the prices of food items.

Shaukat Tareen said that the coronavirus had slowed down the growth rate and put pressure on the economy and business. The growth rate declined to 0.5 per cent due to coronavirus, he added.

The Finance Minister said the tax rates will not be increased. He said we have figured out a plan to enhance our revenues.

He expressed the confidence that the tax collection will reach 5.8 trillion rupees next year. He said technology will be used to achieve the target without any coercion.

Shaukat Tareen said power sector will be stabilized and innovative ways will be used to reduce the ballooning circular debt. He said Prime Minister Imran Khan has given the commitment that there will be no increase in electricity tariff in the near future.

The Finance Minister reaffirmed the government's commitment to put the country on the path of inclusive and sustainable growth.

He said the Economic Advisory Council comprising of eminent economists has been tasked the responsibility to prepare short, medium and long term plans for various sectors including agriculture, manufacturing, power, housing etc.

On the development side, Shaukat Tareen said the PSDP allocation will be increased to nine hundred billion rupees in the next financial year from the current year's 650 billion rupees. He said private sector will also be included in the development process.