Pakistan increases defence budget by 15pc
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Pakistan has allocated Rs2.122 trillion for defense in the budget for the fiscal year 2024-25, reflecting a significant increase in defense spending.
This shows an increase of approximately 14.99% from last year's allocation.
Last year, the government allocated Rs1.804 trillion on defence for the year 2023-24, which was around 13% higher than the revised allocation for the outgoing year.
The defence budget for last year made up nearly 1.7pc of the GDP and 12.5pc of the total expenditure planned by the government over the next year.
In 2022-23, Rs1.57trillion was allocated for defence affairs and services. However, it was later revised higher to Rs1.59trilliom.
Finance Minister Muhammad Aurangzeb presented the Federal Budget 2024–25 worth Rs18.887 trillion as the National Assembly session kicked off after a delay of around an hour amid loud opposition protest.
The members of the Sunni Ittehad Council (SIC) encircled the NA speaker's dice and raised slogans against the government's budget policy. The budget copies reached Parliament and were placed at each member's designated seat.
The federal cabinet approved the budget for the financial year 2024-25. In the cabinet meeting, the package for farmers, youth, and industries was also approved.