Business News

ISLAMABAD, May 26 (APP): Minister for Finance Ishaq Dar
on Friday announced that 10,000 MW electricity would be added
to the national grid by 2018 and total revenue of Rs 5.31
trillion would be collected in the next fiscal year.
Delivering budget speech in the National Assembly, the
finance minister said the targeted tax collection of Rs 4.013
trillion by Federal Board of Revenue (FBR) would made with
14 % increase as compared with the current financial year.
He said that during the last four years, the economy had
been put on a strong footing as the government was taking
measures to achieve the goal of economic stability.
He said the share of provincial governments in total income
would be Rs 2.384 trillion which is 12.4 per cent more than the
corresponding period and the share of the federal government would
be Rs 2.926 trillion.
Similarly, he said total expenditure was expected to be Rs
4.753 trillion, which was 11.7 per cent more than the previous
year. Maximum increase in that category had been made in the
development budget, he added.
He said there was a proposal to allocate Rs 920 billion for
defence as compared to the previous year’s Rs 841 billion. Moreover,
with 40 % increase in PSDP, the amount for development sector was
Rs 1.001 trillion against Rs 715 billion current year.
Dar said the budget deficit had decreased to 4.1 per cent of
the GDP against 4.2 per cent the last year.
He said it was an honour and prestige for him to present the
fifth budget of this government as “we achieved different milestones
during the last four years, including budget deficit, inflation,
foreign exchange reserves, tax collection, and GDP growth in
different sectors of the economy.”
The minister said fiscal deficit had been controlled,
load-shedding reduced, and GDP growth rate recorded at 5.3 per
cent, which was proposed to cross 6 per cent during the next
fiscal year.
Ishaq Dar said today Pakistan has foreign exchange
reserves worth imports of four months, as compared to reserves
worth imports of two weeks in 2013, while tax collection had
recorded 81% increase during the last four years.
He said most of international rating and financial
institutions have acknowledged Pakistan’s progress in the
economic sector and have predicted Pakistan to be part of
G-20 by 2030 in the wake of measures taken by the government.
“All this could be possible in the wake of the vision of
Prime Minister Nawaz Sharif and decisions by the PML-N government
that is being appreciated by the nation,” he added.
The minister said due to strict monetary discipline and
reforms in the country, Pakistan has been able to achieve these
goals and the government had been successful in meeting targets,
mentioned in its election manifesto.
He said this year GDP growth rate has been recorded at 5.28
percent as compared to 3.16 percent in 2013, and it will cross
six percent during the next fiscal as the volume of economy has
exceeded US$ 300 billion.
During the last year, agriculture sector recorded 3.46
percent growth, services sector – 5.98 percent growth while per
capita income at present is US$ 1629 as compared to US$ 1334 in
2013 showing an increase of 22 percent.