Islamabad: Finance Minister Ishaq Dar has presented the federal budget for the fiscal year 2023-24 in the National Assembly with an outlay of more than PKR 14 trillion, according to news source on June 9.
Read: Details shared on approved road projects in upcoming budget
As per the details, the government has taken some measures to provide relief to the inflation-stricken nation. Here are the relief measures:
- Increase in BISP allocation, from PKR 400 billion to PKR 450 billion
- Increase in salaries of civil servants in form of Ad-hoc Relief Allowance
- Health insurance card for working journalists and artists
- Increase in pension and minimum pension to PKR 12,000
- Minimum wage increase from PKR 25,000 to 30,000 in ICT Loan write-off scheme for widows
- Increase in rates of the following allowances:
- Orderly allowance
- Special conveyance allowance for disabled
- Additional charge current charge allowance
- Daily and mileage allowance
The following are the details of Prime Minister’s Initiatives – Planning Development and Special Initiatives (PSDP):
- PKR 30 billion set aside for PM Initiative for Solar Tubewells
- PKR 10 billion for PM Youth Program for Small Loans
- PKR 5 billion for Pakistan Endowment Fund for Education
- PKR 5 billion for PM initiative for IT start-ups and Venture Capital
- PKR 5 billion for PM initiatives for Women Empowerment
- PKR 10 billion for PM Laptop Scheme
- PKR 5 billion for PM Green Revolution
- PKR 5 billion for PM Youth Skill Development
- PKR 5 billion for Other initiatives (sports and hepatitis C control program)
Read: Govt will try to make business-friendly budget: Dar
Moreover, the budget includes a total of 1,210 development projects, out of which 32 of them will be allocated PKR 5 billion or more each. The Annual Development Program (ADP) has been allocated a budget of PKR 1,150 billion.
- PKR 90 billion has been earmarked for the Public Sector Development Program (PSDP)
- PKR 170 billion has been reserved for Special Initiatives of the Prime Minister and Development Schemes of lawmakers
- PKR 58.59 billion are reserved for Dasu Hydropower Project
- PKR 17 billion are allocated for Karachi Greater Water Supply Scheme
- PKR 17.63 billion will be used for purchasing railway freight wagons and passenger bogies
- PKR 14.86 billion allotted for Karachi Coastal Power Project
- PKR 26 billion are reserved for Merged districts of Khyber Pakhtunkhwa
- PKR 31 billion will be utilised for 10-year development plan of the former tribal areas
- PKR 10.5 billion has been allocated for Mohmand Dam Hydropower Project
- PKR 12 billion reserved for Jamshoro Coal Power Project
- PKR 16 billion will be allocated for Pakistan-Tajikistan transmission line
- PKR 6 billion has been allotted for Rehabilitation of flood-affected areas
- PKR 5.70 has been set aside for Hyderabad-Sukkur Motorway project
- PKR 5 billion has been reserved for New Gwadar International Airport
- PKR 5 billion allotted for Lahore-Sialkot Motorway, from Narang Mandi to Narowal
Read: KMC to get PKR 32 bn development budget for FY2022-23
PSDP 2023-24 for Ministries, Divisions, Departments
The following are the details of budget for ministries, departments, and divisions:
- PKR 9.95 billion have been allocated for Interior Ministry
- PKR 1.40 billion has been reserved for Law and Justice Ministry
- PKR 3.3 billion has been set aside for Maritime Affairs Ministries
- PKR 150 million allotted for Narcotics Control Division
- PKR 13.10 billion has been allocated for Health Ministry
- PKR 540 million allocated for the National Heritage and Culture Division
- PKR 33 billion has been reserved for Railways Division
- PKR 26.10 billion has been allocated for Pakistan Atomic Energy Commission
- PKR 150 million has been set aside for the Pakistan Nuclear Regulatory Authority
- PKR 1.50 billion will be utilised for the Petroleum Division
- PKR 24.89 have been reserved for the Planning Division
- PKR 500 million earmarked for poverty alleviation and social protection
- PKR 800 million allocated for the Religious Affairs Ministry
- PKR 3.20 billion allotted for Revenue Division
- PKR 8 billion set aside for Science and Technology
- PKR 107 billion have been allocated for the Ministry of Water Resources
- PKR 6.90 billion set aside for SUPARCO
- PKR 54.55 billion has been reserved for the Ministry of Energy
- PKR 157.50 billion earmarked for the National Highway Authority (NHA)
- PKR 5.45 billion has been approved for Ministry of Aviation
- PKR 1.11 billion have been set aside for the Board of Investment
- PKR 90.12 billion have been approved for the Cabinet Division
- PKR 4.5 billion reserved for Climate Change
Read: Sindh Budget 2022-23: Tax relief announced for IT sector
- PKR 1.10 billion will be awarded to the Commerce Division
- PKR 3.40 billion have been set aside for the Defense Division
- PKR 2 billion has been reserved for defense production
- PKR 840 million has been allocated for the Establishment Division
- PKR 3.22 billion has been allotted for finance department
- PKR 8.50 billion has been set aside for development projects of the Federal Ministry of Education
- PKR 60.90 billion will be given to Azad Jammu and Kashmir
- PKR 57 billion have been earmarked for the merged districts
- PKR 59.71 billion allocated for the Higher Education Commission
- PKR 36.70 billion have been allocated for the Housing and Works Ministry
- PKR 180 million will be awarded to the Human Rights Ministry
- PKR 3 billion reserved for the Ministry of Industries and Production
- PKR 2 billion has been allocated for the Information and Broadcasting Ministry
- PKR 6 billion set aside for Information Technology
- PKR 1.90 billion have been allocated for the Ministry of Inter-Provincial Coordination
Growth targets for various sectors for 2023-24
The budget also sets growth targets for various sectors for the fiscal year 2023-24. The GDP growth rate target is set at 3.5%, with the agriculture sector and major crops also targeted at 3.5% each. The industrial production growth target is 3.4%, and the manufacturing target is 4.3%. The services sector is expected to grow by 3.6%.
Read: Punjab Budget FY23: Govt approves development budget of PKR 685 bn
Other growth targets include 3.6% for the livestock sector, 7.2% for cotton canning, 3% for forestry and fisheries, 3.2% for large-scale manufacturing, 2.2% for electricity generation and gas distribution, 2.8% for the wholesale and retail sector, and 5% for the transport and communication sector. The education sector is targeted at 3% growth, while the private sector production is expected to grow by 5%. The real estate sector is targeted at 3.6% growth, and the financial and insurance sector at 3.7%.
These allocations and growth targets aim to support the development and growth of various sectors and promote economic stability in the fiscal year 2023-24.
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