Patel reports record 2012/13 financial year
Industrial funding disbursements and a crackdown on cartels was at a record high in the 2012/13 financial year, Economic Development Minister Ebrahim Patel said on Tuesday.
Presenting his department's annual report to Parliament's economic development committee, Patel listed highlights from the 12-month period.
These included achievements in the economy as a whole, and successes from the agencies reporting to the department.
Close to 200 000 jobs were created over the accounting year, he said.
"That brought total employment up to 13.6-million. Of those just short of six-million... were jobs held by women... 5.77-million of those jobs [were] held by young people," Patel told MPs.
Annual gross domestic product grew by R240-billion.
"The GDP is now over R3-trillion in size."
Funding approvals and disbursements by the Industrial Development Corporation (IDC) also saw significant increases.
"In this 12-month period, the IDC approved R13.1-billion worth of funding," Patel said.
The disbursements of funds to recipients were even higher from April last year to the end of March this year.
"IDC disbursements – money that leaves the bank account of the IDC and reaches the intended recipients – was just short of R16-billion," he said.
This was 87% higher than the previous 12 months. The turnaround time for the approval of projects was 37% higher than the previous financial year.
The competition authorities' crackdown on companies abusing their market power yielded more positive results.
"The competition authorities in the 12-month period imposed penalties on companies for collusion and price fixing and abuse of market power of some R731-million," Patel said.
This excluded hefty fines issued to construction cartels, which were finalised after the financial year ended.
Cartels in the construction and infrastructure sectors were fined R1.4-billion, while penalties in the telecommunications sector totalled R650-million.
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