Budget 2024-2025:
Pakistan's Federal Budget for 2024-2025 has been presented by Finance Minister Muhammad Aurangzeb. The focus is on stabilizing and growing the economy, cutting unnecessary expenditure and moving towards a market-oriented model. Below are some key highlights:
1. Total Expenditure:
The budget projects total expenditure at R.s :18,877 billion, up 30% year-on-year.
2. Recurrent Expenses:
Proposed R.s:17,203 billion, representing a 29% increase.
3. Minimum wage:
Increase from R.s :32,000 to R.s: 37,000.
4. Taxation:
Introduce progressive taxation, increase transaction taxes on taxpayers who do not file tax returns, and focus on digitizing the economy.
5. Revenues and Deficit:
Total revenues are estimated at R.s :17,815 billion and post statehood net profits are expected to be R.s: 10,377 billion. Fiscal deficit should be 5% of GDP.
6. Sectoral Reforms:
Focus on agriculture and IT reforms, as well as easing the regulatory framework to attract corporate investment and increase exports.
7. Targeted Programmes:
Introducing targeted energy and agriculture reforms, supporting vulnerable groups, youth education and skills development, integrating green and gender-sensitive budgeting.
8. Defence Expenditure:
Significant allocations for defence, including R.s : 2.1 trillion for the armed forces and R.s: 662 billion for military pensions.
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