Rs14 trillion federal budget to be unveiled Friday
Govt likely to set revenue target of Rs9 trillion: Economic team presents Economic Survey to PM Shehbaz
By News Desk
June 8, 2023 04:16 PM
The federal government is all set to present the national budget for the fiscal year 2023-24, with an estimated outlay of around Rs14 trillion, on June 09 (Friday).
The budget for fiscal year 2023-24 would be presented before the National Assembly by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar.
The budget had been formulated while considering the existing challenges being faced by the economy at domestic and international fronts.
Hence, mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting exports, promoting industrial growth and bolstering businesses, would be the main focus of the document, the sources said.
The government is firmly committed to presenting a pro-people, business-friendly and progressive Federal Budget FY 2023-24. It will pursue policies aimed at fiscal consolidation to contain budget deficit.
In addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures, 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 the private sector for investment.
On the revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax-payers.
Keeping in view the robust growth of revenues during the current fiscal year (2021-22), the government is likely to set the revenue collection target at over Rs9 trillion for the fiscal year 2023-24.
The sources said the preparations for the announcement of the federal budget for fiscal year 2023-24 continued in full swing in accordance with the prescribed timeliness.
This is being prepared in close coordination between all departments and ministries involved in budget related events including the presentation of the budget in the Parliament and launching of the Economic Survey, they added.
Dar presents Economic Survey to PM
The government's economic team led by Finance Minister Ishaq Dar called on Prime Minister Shehbaz Sharif in Islamabad on Thursday and presented the Economic Survey for the year 2022-23.
The Prime Minister commended the economic team's one year performance for economic stability and development.
He said regardless of the economic challenges left behind by the previous government and unprecedented floods, the services of the economic team for the country's economy are appreciable.
The Prime Minister said that the government will invest a substantial amount in the next budget for the uplift of agriculture and IT sectors.
He said the small farmers will be provided with high quality seeds and equipped with state of the art agriculture equipment. He said that interest free loan program for the small farmers will also be expanded in the next budget. He announced that the government will award prizes to the farmers achieving higher per acre yield.