Business News

ISLAMABAD, May 26 (APP): With new initiatives alongwith
relief measures for salaried, low and middle income groups,
the PML-N government presented its fifth consecutive budget
with a total outlay of Rs 5.1 trillion, to realize the
objectives of inclusive and sustainable economic growth.
Finance Minister Ishaq Dar while presenting the budgetary
proposals for FY 2017-18 in the National Assembly spelled out
major economic benchmarks for FY 2017-18 including the real GDP
targetted to grow at 6%; bringing inflation below 6%, budget
deficit at 4.1% and tax to GDP ratio at 13.7%.
Ishaq Dar also announced the merger of 2010 adhoc allowance
in the basic salary of federal government employees as well as
10% adhoc relief on revised basic pay.
The armed forces personnel, in addition
to incorporation of 2010 adhoc allowance, would get the merger of
2008 adhoc relief as well in their basic pay.
The federal government pensioners would also get a raise
of 10%, the Finance Minister told the House, adding, on the
pattern of increase in the pay of Government employees the
minimum wage of labourers for their benefit is being increased
from Rs. 14,000 to Rs.15,000 per month.
The size of Public Sector Development Programme (PSDP)
for FY 2017-18 has been put at Rs 2.113 billion including Rs
1,001 billion for federal PSDP as well as the allocation of
Rs 1,112 to the provinces.
He said, the resource availability during 2017-18 has
been estimated at Rs 4,681.2 billion against Rs 4,442
billion in the budget estimates of 2016-17.
The defence budget is proposed at Rs 920 billion for FY
2017-18 against the revised budget of Rs 841 billion in the
FY 2016-17, the Finance Minister added.
Ishaq Dar also unveiled a strategy to achieve targets
that included 14% increase in FBR revenues; 11% growth in
federal expenditures; 7% increase in non-tax receipts and
containing current expenditure below the level of inflation.
He also announced new initiatives for agriculture,
financial sector, exports, textile, social sector and
employment, aimed at boosting economic activity at fast pace.
The Finance Minister also announced tax incentives aimed
at giving facilitation to the agriculture, Small and Medium
Enterprises (SMEs), and Information Technology (IT) sectors.