Pakistan Budget 2023-24 Highlights

In this article, we’ll explore, Pakistan Budget 2023-24 Highlights in detail. The Budget of Pakistan 2023-24 includes:

1. Economic growth target fixed at 3.5% for fiscal year 2023-24
2. Inflation is forecasted to average at 21%
3. Tax-to-GDP ratio stands at 8.7%
4. Current account deficit to stand at $6 billion by end of fiscal year 2023-24
5. The government has allocated Rs1.8 trillion for defense spending
6. Rs 714 billion for Civil administration
7. Rs1.1 trillion earmarked for subsidies for electricity, gas, and other sectors
8. Rs761 billion allocated for pension
9. The government will spend Rs950 billion on account of Public Sector Development Program (PSDP)
10. In addition around Rs 200 billion additional amount would become part of the development budget through Public Private Partnership
11. Rs22.7 billion earmarked for health sector
12. In addition, the Agriculture credit limit enhanced from Rs1,800 billion to Rs2,250 billion
13. Solarisation of 50,000 agriculture tube wells through Rs30 billion
14. Withdrawal of all duties and taxes on imported seeds, combined harvesters, dryers, and rice planters
15. Rs10 billion earmarked for PM’s Youth Business and Agriculture Loans scheme
16. Rs6 billion subsidy announced on imported urea
17. Targeted subsidy announced on wheat flour, ghee, pulses, and rice
18. 35% increase in salaries of government servants of grades 1-16 in the form of ad-hoc relief
19. 30% increase in salaries of government servants of grades 17-22 in the form of ad-hoc relief
20. Moreover Tax-free imports of software and hardware by IT and IT-enabled services equal to 1% of their exports with a ceiling of $50,000
21. No sales tax return by freelancers with exports of $2,000 per month
22. In addition Increase in the Benazir Income Support Programme allocation from Rs400 billion to Rs450 billion
23. Upward revision in pensions and increase in minimum pension to Rs12,000
24. Rs10 billion set aside for provisions of 100,000 laptops for students
25. Exemption of customs duty on import of raw material for batteries, solar panels, and inverters
26. Moreover, Inflation is expected to be at around 21 percent, approximately.
27. The amount of Rs7,303 billion would be spent on interest payments.
28. The authorities have estimated the target for exports at $30 billion and set the remittances target at $33 billion for the next fiscal year.

Author: Ace Bureaucrat Academy