ISLAMABAD: The finance minister said a team of renowned economists headed by Dr Ishrat Hussain was set up for identifying bottlenecks that hindered the economic development, besides suggesting measures to overcome the challenges to achieve sustainable growth. He said the economists suggested an increase in savings and revenue collection, emphasis on producing imports substitute and encouraging exports by incentivizing local trade and businesses, besides focusing on the agriculture sector to reduce reliance on imported foodstuff. The minister said savings were imperative for creating room for investment. Pakistan’s savings-GDP ratio, he said, was lower than other developing countries, and the government had proposed special measures in the current budget to promote savings. Besides, he said, revenue collection was the second important tool to maintaining sustainable growth. Local annual revenue started receding after witnessing 11 to 12 percent growth, which resulted in the availability of fewer resources for the social sector development. The minister said in order to create resources for fulfilling development requirements as well as to maintain sustainable growth, annual growth of revenue was required to grow by 20 percent. Efforts were afoot to increase the revenue at that level within seven to eight years to create abundant resources for the development work. To meet the future development expenditures, he said, the government had set a challenging target of revenue collection of over Rs 5.8 trillion against Rs 4.7 trillion for the current financial year. Tarin said in order to achieve the realistically aggressive revenue targets of Rs 5.8 trillion set for fiscal year 2021-22, innovative ways would be required without overburdening the existing tax payers and introducing incentives for consumers. He said the Federal Board of Revenue (FBR) had also started data collection for identifying the potential tax payers, who were eligible to pay tax but were out of the tax net so far. The measure was expected to bring about 312,000 potential tax payers under the tax net, he added. Moreover, he said, some 10,000 Points of Sale (PoS) were currently under use and their number would be enhanced by bringing 60,000 more business establishments under the system Tarin said in order to strengthen the PoS system, incentives and prize schemes would be announced for the general consumers that would help in documentation of the economy. Revenue collection of about Rs 100 to150 billion was expected through the PoS system, he added. He said for bringing different industries under the tax net, the scope of track and trace system would be expanded, which would not only help enhance the revenue collection, but also promote the tax compliance culture in the country. The minister said the government was keen to develop the agricultural sector as it would help check rising inflation. The government in its current budget, he said, had also suggested steps to promote exports that would help reduce pressure on the foreign exchange reserves, besides developing the local industrial sector. The Special Economic Zones being set up under the China-Pakistan Economic Corridor would also help in local industrial development and create job opportunities for the skilled and semi-skilled work force, he added. Special tax relief was suggested on the import of plant and machinery that would also help in attracting the foreign investment, the minister said.