Pakistan Tehreek-e-Insaf government is going to present its third budget, for the fiscal year 2021-22, with an estimated outlay of around Rs 8 trillion on June 11 (Friday).
The National Assembly is already in session where the budget for the fiscal year 2021-22 would be presented. Like last year, the budget for the upcoming year has been formulated considering the impact of Covid-19 on the people and businesses of the country, hence mitigating people’s sufferings, reforming agriculture sector, promoting industry and businesses would be the main focus of the document.
“The government of Pakistan is firmly committed to presenting a pro-people, business-friendly and growth-oriented Federal Budget FY 2021-22. The government will pursue an all-inclusive, sustained and robust economic growth through short, medium and long-term economic planning,” official sources said.
In addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides job creation and people friendly policies for the socioeconomic prosperity of the country would feature in the budget. It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector for investment.
On the revenue side, though no new taxes would be introduced, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers, sources said arguing that a strong revenue generation will play a crucial role in achieving the targets for economic growth.
The government is likely to set the revenue collection target at Rs5.8 trillion for the fiscal year 2021-22. The budget is being prepared in close coordination between all departments and ministries involved in budget related events.
As the PTI-led government is all set to present the federal budget on June 11, Prime Minister Imran Khan has summoned a special session of the federal cabinet tomorrow (Friday). Finance Minister Shaukat Tarin will brief the cabinet on budget expenditure, revenue target, budget deficit and other important matters related to FY budget 2021-22. He will present budget papers and finance bill 2021 in the cabinet meeting. The special cabinet meeting will give approval for the federal budget and finance bill 2021.
The federal cabinet will make a final decision regarding the increase in salaries of government employees. The special cabinet session will also give approval for subsidy on utility stores and electricity for the next year.
The federal government has proposed Rs 900 billion for the development budget for the fiscal year 2021-22. According to the budget document, federal ministries will be given development budget of Rs 672 billion whereas the Aviation Division will receive development budget of Rs 4 billion 29 crore. As per the documents, the Cabinet Division will receive a development budget of Rs 56.02 billion whereas Rs 14 billion have been allocated for the climate change development. The Commerce Division will receive a development budget of Rs 300 million while development budget of Rs 9 billion has been fixed for the Ministry of Education and Training. The finance ministry will spend Rs 94 billion on development works.
