The federal government is all set to present its first growth-oriented federal budget for the fiscal year 2024-25, with an estimated outlay of over Rs18 trillion today (Wednesday)nce Minister Muhammad Aurangzeb will present the budget formulated while considering the existing challenges being faced by the economy on domestic and international fronts.
Mitigating people’s sufferings, transforming the 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 will pursue policies aimed at fiscal consolidation to contain budget deficit, the sources said, adding that from 15 to 20 percent salary increase for employees has been proposed.
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 facilitating to tax-payers.
Keeping in view the robust growth of revenues during the current fiscal year (2023-24), the government is likely to set the revenue collection target at over Rs12 trillion for the fiscal year 2024-25.
The sources said the preparations for the announcement of the federal budget for fiscal year 2024-25 continued in full swing per the prescribed timeliness.
The budget 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 the launching of the Economic Survey, sources added.
It is proposed to set the tax target of FBR at more than 12 thousand 900 billion rupees, the sources said, adding that the federal budget deficit is estimated to be more than 9,500 billion rupees while the estimated income of the federation at 15 thousand 424 billion rupees in the upcoming budget.
In the federal budget, the tax revenue has been estimated at 13 thousand 320 billion rupees, they maintained adding that 1,080 billion rupees revenue is estimated from petroleum levy and the allocation for expenses is 22 thousand 37 billion rupees and a budget of 1252 billion rupees for defence has been promised.