ISLAMABAD: The budget for the new financial year 2022-23 will be presented in the National Assembly today, in which Rs 1535 billion is likely to be allocated for defense. This is the first budget of the Shahbaz government.
The budget for the new financial year 23-2022 will be presented by the federal government today. The total volume of the new budget is likely to be kept at Rs 9500 billion.
Shahbaz Government Budget:
Sources said that in the new budget, the federal expenditure will be estimated at Rs 8,900 billion while the FBR is likely to be given a target of Rs 7,255 billion in tax collections.
Sources said that the non-tax collections would be estimated at Rs 1626 billion and Rs 4215 billion would be transferred from the federation to the provinces under NFC.
According to sources, Rs 1535 billion has been proposed for the defense budget, Rs 3523 billion for debt and interest payments, Rs 530 billion for pensioners, and Rs 578 billion for subsidies.
Grants of Rs. 1232 billion will be given in the next financial year and Rs. 550 billion will be required for running government affairs.
It is proposed to limit the budget deficit to Rs. 4282 billion and to keep the budget deficit limited to 5.5% of the economy while the volume of the economy for the next financial year will be Rs. 78197 billion.
The growth target for the next financial year has been set at 5% while the growth rate in agriculture is 3.9%, in the industry at 5.9%, and in-services sector at 5.1%.
The economic growth target for finance and insurance is 5.1%, for real estate 3.8%, and for education 4.9%. The development budget for the new financial year has been proposed to be Rs. 2184 billion. The development budget of the federation will be Rs. 800 billion while the development budget of Rs. 1384 billion has been proposed for the provinces.
Members of the National Assembly have proposed Rs 91 billion for the public scheme, while Rs 433 billion is planned to be spent on the construction of infrastructure. It is estimated that Rs 144 billion will be spent on social projects, including Rs 84 billion for energy and Rs 227 billion for transport and communication.
83 billion has been allocated for water projects, 39 billion for planning and housing, 13 billion for agricultural development, and only 5 billion for industries. No funds are being set aside for ERA in the new budget. The revised budget for development projects in the current financial year is 550 billion. 900 billion was set aside for the federal development program this year.