poor policies helped lower poverty rate and enhanced the income of the people. He said real GDP growth accelerated to an average of seven per cent per annum over the last five years which put Pakistan into the league of fastest growing economies in the Asian region. As a result of strong economic growth, over $16 billion foreign exchange reserves, stable exchange rate and declining debt burden, the investment climate in the country improved and Pakistan attracted $8.4 billion foreign investment in 2006-07, he added. Khan said strong economic growth implied higher collection of tax revenues and in the last eight years (1999-00 to 2006-07), the Federal Board of Revenue (FBR) collected additional tax revenues of Rs538 billion. He said higher economic growth also more than doubled the country s per capita income, which was an indicator of average level of prosperity. He said per capita income increased from $438 in 1998-99 to $925 in 2006-07, a rise of 111.2 per cent. The secretary said increase in per capita income along with enormous job opportunities led to sharp reduction in poverty. In 1998-99, 30.6 per cent people were living below the poverty line. In 2004-05, only 23.9 per cent people were living under the poverty line. He said economic recovery of the last several years not only created more jobs and reduced poverty, but it also improved living standards of the people. He said electric fans production increased by 102 per cent during 1999-2007. Pakistan, Khan said, produced three million electric fans in 1999, of which 50,000 fans were exported, but today the electric fan industry is producing over six million fans and exporting two million.
