Friday, December 2, 2022

Govt will present budget for 2022-23 tomorrow, with Rs9.5 trillion outlay

On Friday, June 10, the incumbent coalition government will propose the budget for the upcoming fiscal year 2022-2023 to the Parliament. The budget will place a particular emphasis on fiscal consolidation in an effort to bring the budget deficit under control.

Miftah Ismail, who is the Federal Minister for Finance and Revenue, is slated to deliver the budget 2023 presentation.

According to official sources, the budget was developed while taking into consideration the present challenges that the economy is currently facing on both the domestic and international fronts. As a result, the primary focus of the document would be on reducing the suffering of people, modernizing the agricultural sector, fostering the development of information technology (IT), fortifying enterprises, and increasing industrial production.

They went on to say that the preparation of the budget was taking place with careful coordination between all of the departments and ministries that were involved in budget-related events, such as the presentation of the budget in the Parliament and the launch of the Economic Survey.

A revenue collection target of over Rs.7 trillion is anticipated to be established by the government for the fiscal year 20222-23. This is because of the robust rise of revenues during the current fiscal year (2021-22), which the administration would take into consideration.

According to the sources, the current coalition government has made the decision to allot Rs800 billion to the Public Sector Development Programme (PSDP) for the following fiscal year.

It has been suggested that the development budget for the following fiscal year should be in the amount of Rs800 billion, with 538 billion of that amount being allotted to the various federal ministries and departments.

Read Also: Next financial year’s 2023 development budget will be 800 billion

The National Highway Authority (NHA) is slated to receive 121 billion rupees, while the water resources sector is slated to receive 96 billion rupees under the new budget proposal.

The budget for the development of Azad Kashmir and Gilgit-Baltistan is suggested to be Rs96.36 billion, while the budget for the development of the amalgamated tribal districts of Khyber Pakhtunkhwa is proposed to be Rs50 billion.

According to additional information provided by our sources, the Pakistan Electric Power Company (PEPCO) has been allotted a development budget of Rs 49 billion, while the Railways have been allotted Rs 33 billion.

In the meantime, the government has made the decision to allot 25 billion rupees to the Atomic Energy Commission. Moreover, 41.87bn rupees will be allotted to the Higher Education Commission (HEC), and 2.5 billion rupees will be provided for Aviation.

It has been suggested that the energy sector receives 84 billion rupees, water programs receive 83 billion rupees, and the Housing Ministry and Planning receive 39 billion rupees.

In addition to this, Rs9.5 billion would be allocated to the Ministry of Climate Change. It has been proposed that 10.47 billion rupees be allotted to the Ministry of Home Affairs, 12 billion rupees be allotted to the Ministry of Health, 12 billion rupees be allotted to the Ministry of Food Security, and 3.1 billion rupees be allotted to the Ministry of Maritime Affairs.

In the meantime, the pre-budget document titled “the Economic Survey of Pakistan” will likely be released here on June 9th. This document will present the current state of the economy in Pakistan (Thursday).

The poll would shed light on the overall performance of the economy over the course of the preceding fiscal year, thereby delivering honest feedback and laying the groundwork for future planning.

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