ISLAMABAD - The private sector credit off-take has increased from Rs. 144 billion to Rs. 320 billion during 2013-14 as more private investment would create more job opportunities.

As part of its measures being adopted to reduce unemployment in the country, the government is pursuing fiscal consolidation policies to lower burden on financial resources of banking system and create space for the private sector investment.

Highlighting the other measures, sources at Ministry of Planning, Development and Reforms on Friday said six schemes have been announced under Youth Development Programme. These were Micro Interest Free Loans, Small Business Loans, Youth Training, Youth Skill Development, Fee Assistance, and Prime Minister scheme for laptops. These initiatives are in addition to ongoing human development programmes implemented by National Vocational & Technical Training Commission (NAVTTC) and Benazir Income Support Programme.

The sources said Federal government has allocated Rs. 525 billion under Public Sector Development Programme (PSDP) 2014-15 which includes mega projects like Karachi-Lahore Motorway, Hassanabdal-Havellian-Mansehra Expressway, Faisalabad-Khanewal Expressway, Lowari Tunnel and Access Roads, Raikot-Havellian-Islamabad Section, Gwadar-Turbat-Hoshab Road, New Islamabad International Airport, Diamer-Basha Dam, Dasu Dam, Kurram Tangi Dam, Neelum-Jhelum Hydro Power Project, Golan Gol Hydro Power Project, Kacchi Canal etc.

They said implementation of these mega projects will create huge employment opportunities. The sources further said the government is also taking steps to increase the growth rate by removing major constraints like energy and security as GDP growth has increased from 3.7 per cent in 2012-13 to 4.1 per cent in 2013-14.

Higher growth generates economic activities and employment opportunities, they added.