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Business & Finance

Key highlights of budget 2023-24

  • Business Recorder takes a look at key points
Published June 9, 2023 Updated June 10, 2023

The government of Pakistan presented budget for fiscal year 2023-24 on Friday. Business Recorder takes a look at some of the key highlights of the documents.

 Design: Hussain Afzal, data compiled by: Omar Qureshi
Design: Hussain Afzal, data compiled by: Omar Qureshi

 Design: Hussain Afzal, data compiled by: Omar Qureshi
Design: Hussain Afzal, data compiled by: Omar Qureshi

  • Economic growth target fixed at 3.5% for fiscal year 2023-24

  • Inflation forecasted to average at 21%

  • Tax-to-GDP ratio to stand at 8.7%

  • Current account deficit to stand at $6 billion by end of fiscal year 2023-24

  • Government has allocated Rs1.8 trillion for defence spending

  • Rs1.1 trillion earmarked for subsidies

  • Rs761 billion allocated for pension

  • Government will spend Rs950 billion on account of Public Sector Development Programme

  • Rs22.7 billion earmarked for health sector

  • Agriculture credit limit enhanced from Rs1,800 billion to Rs2,250 billion

  • Solarisation of 50,000 agriculture tubewells through Rs30 billion

  • Withdrawal of all duties and taxes on imported seeds, combined harvesters, dryers and rice planters

  • Rs10 billion earmarked for PM’s Youth Business and Agriculture Loans scheme

  • Rs6 billion subsidy announced on imported urea

  • Targeted subsidy announced on wheat flour, ghee, pulses and rice

  • 35% increase in salaries of government servants of grade 1-16 in the form of ad-hoc relief

  • 30% increase in salaries of government servants of grade 17-22 in the form of ad-hoc relief

  • Tax free imports of software and hardware by IT and IT enabled services equal to 1% of their exports with a ceiling of $50,000

  • No sales tax return by freelancers with exports of $2,000 per month

  • Increase in Benazir Income Support Programme allocation from Rs400 billion to Rs450 billion

  • Upward revision in pensions and increase in minimum pension to Rs12,000

  • Rs10 billion set aside for provisions of 100,000 laptops for students

  • Exemption of custom duty on import of raw material for batteries, solar panels and inverters

Also read:

Comments

Comments are closed.

Aaki khan Jun 10, 2023 08:26am
Good information by business recorder. I want to have Sunday edition regularly at Rawalakot ajk. How can you assist me ?
thumb_up Recommended (0)
FARHAN ZAHID Jun 10, 2023 09:43am
In education what the pay increases
thumb_up Recommended (0)
Ghulam Ali Jun 10, 2023 09:23pm
it is very interesting for me for visiting your website that clear my lot of doubts about budget
thumb_up Recommended (0)
Mahmood Jun 11, 2023 12:51pm
@FARHAN ZAHID, They are Govt servant.And 1-16 grade employees increased by 35%
thumb_up Recommended (0)
Pakistani Jun 12, 2023 12:59am
@Aaki khan , visit the website and see the e-paper bhai
thumb_up Recommended (0)
Muhammad Raheel Jun 13, 2023 02:28am
This budget is totally for current govt. are subordinates. Because these corrupt parties has been taken benefits from this budget. Defense budget is pending why are you not allocated budget for this. I says this budget is not satisfactory for us.
thumb_up Recommended (0)

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