The federal budget 2022-23 has a total outlay of 9502 billion rupees has been announced, encompassing measures for what the government termed ‘sustainable economic growth, industrial and agriculture development and relief for the poor people’.
Miftah Ismail started his speech by saying that the past government left the country’s economy in doldrums and hurt investor confidence by changing finance ministers and financial policies frequently.
The finance minister was of the view that the ruling coalition took over the country’s reins despite “the fact that it will have to take difficult decisions to save the economy” which may harm their respective parties’ popularity but they chose to keep national interest above party interest.
He maintained that the budget is aimed at giving the working class and the downtrodden more relief as compared to the elite class as working class mostly chooses to buy local products rather than imported ones and give economy a boost.
He deeply criticised former PM Imran Khan by saying that he never cared for the poor for he himself said that “keeping a check on potato and tomato prices is not a PM’s job”.
Miftah Ismail said that Budget 2022-23 will focus on providing facilities to farmers growing crops that produce cooking oil, like corn and sunflower, so that the country doesn’t have to import palm oil, which is touching a record high in international market.
MAJOR POINTS AND ANNOUNCEMENTS
- Remittances target 33.2 billion PKR
- GDP growth target set at 5 percent
- Inflation to be brought down at 11.5 percent
- FBR Revenue Target at 7004 billion PKR
- Non-Tax revenue target at 2000 billion
- Import target at USD 70 billion
- Export target at USD 35 Billion
- 15 percent increase in salaries of government employees
- Youth to get interest-free loans upto Rs500,000 under new employment scheme
- End of 8 percent withholding tax on distributors, producers
- Profit rate decreased to 5 percent from 10 percent on national saving schemes
- Special exemption from income cax for cinema owners and film producers
- Advance tax will be increased on cars above 1600cc
- Exemption of complete custom duty on pharmaceutical ingredients
MAJOR ALLOCATIONS IN BUDGET 2022-23
- Rs1523 billion allocated for defence
- Rs699 billion for targeted subsidy
- Rs21 Billion for Benazir Nashunuma Program
- Rs800 billion for PSDP
- Rs364 billion for Benazir Income Support Program
- Rs64 billion for Higher Education Program
- Rs24 Billion allocated for Health
- Rs11 Billion for Agriculture
- Rs9.60 billion for Climate Change
- Rs3.46 billion for Maritime Affairs
- Rs25.99 billion for Atomic Energy Commission
- Rs10.12 billion for food security
- Rs530 billion for pension
Miftah Ismail said that as agriculture is the backbone of our country’s economy. Along with other measures, the government has allocated Rs 21 billion to increase crop yield and uplift of livestock sector. Ministry of Food Security and Planning Commission, in consultation with provinces, have devised a three year growth strategy. The objectives of this strategy are to enhance production, increase farmers’ income, counter the negative effects of climate changes, promote smart agriculture, self sufficiency, value addition and agro processing.
