PM Shahbaz-led govt to present its first budget today
ISLAMABAD: The budget for the new financial year 2022-23 will be presented in the National Assembly today, with special focus on fiscal consolidation to contain a budget deficit.
The total outlay of the new budget is likely to be kept at Rs9.500 trillion.
Sources said that in the new budget, the federal expenditure will be estimated at Rs8.9 trillion while the FBR is likely to be given a target of Rs7.255 trillion in tax collections.
The non-tax collections would be estimated at Rs1.626 trillion and Rs4.215 trillion would be transferred from the federation to the provinces under NFC.
According to sources, Rs1.535 trillion has been proposed for defense budget, Rs 3.523 trillion for debt and interest payments, Rs530 billion for pension and Rs578 billion for subsidies.
Grants of Rs1.232 trillion will be given in the next financial year and Rs550 billion will be required for running government affairs.
It is proposed to limit the budget deficit to Rs4.282 trillion and to keep the budget deficit limited to 5.5% of the economy while the outlay of the economy for the next financial year 2022-23 will be Rs78197 billion.
The growth target for the next financial year has been set at 5% while growth rate in agriculture is 3.9%, in industry 5.9% and in services sector 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 Rs2.184 trillion. The development budget of the federation will be Rs800 billion while the development budget of Rs1.384 trillion has been proposed for the provinces.
Members of the National Assembly have proposed Rs91 billion for the public scheme while Rs433 billion is planned to be spent on infrastructure.
It is estimated that Rs144 billion will be spent on social projects, including Rs84 billion for energy and Rs227 billion for transport and communication.
Rs83 billion for water schemes while Rs39 billion will be given to Housing Ministry and Planning, Rs13 billion for agricultural development and only Rs5 billion for industries.
Moreover, the Ministry of Climate Change will be given Rs9.5 billion. It has been proposed to allocate Rs10.47 billion for the Ministry of Home Affairs, Rs12 billion for the Ministry of Health, Rs12 billion for the Ministry of Food Security and Rs3.1 billion for Maritime Affairs.