- June 13, 2023
- Posted by: Muhammad Shehzad
- Category: RBS News
The Finance Minister, Ishaq Dar, recently presented the federal budget for the fiscal year 2023-24 in the National Assembly. With an outlay of over PKR 14 trillion, the Government’s Budget Proposal aims to address the challenges of inflation and promote the development of various sectors.
Let’s closely examine some of the key relief measures and development projects outlined in the Government’s Budget Proposal. These initiatives aim to address various aspects of the nation’s needs and drive economic growth.
Relief Measures In Government’s Budget Proposal
The government has taken several measures to provide relief to the inflation-stricken nation. Some of the notable relief measures include:
- Increase in BISP Allocation: The budget allocates PKR 450 billion for the Benazir Income Support Program (BISP). This is a significant increase from the previous allocation of PKR 400 billion. Moreover this increase aims to provide support to vulnerable segments of society.
- Salary Increase for Civil Servants: Civil servants will benefit from the Ad-hoc Relief Allowance. Furthermore this would lead to an increase in their salaries.
- Health Insurance for Journalists and Artists: Working journalists and artists will now have access to health insurance coverage, ensuring their well-being.
- Pension and Minimum Pension Increase: The budget includes an increase in pension and minimum pension. The government has set the minimum pension at PKR 12,000.
- Minimum Wage Increase: The government has increased the minimum wage in the Islamabad Capital Territory (ICT) from PKR 25,000 to PKR 30,000. Hence this is improving the living standards of workers.
- Loan Write-off Scheme for Widows: The budget introduces a loan write-off scheme specifically designed to provide financial relief to widows.
In addition to these relief measures, there are also increases in various allowances to further support individuals and families.
Prime Minister’s Initiatives In Government’s Budget Proposal
The federal budget includes several initiatives introduced by the Prime Minister to foster development and empower different sectors of society. Here are some of the key initiatives:
- PM Initiative for Solar Tube wells: A sum of PKR 30 billion has been allocated to implement the PM Initiative for Solar Tube wells. This promotes the use of solar energy in agriculture.
- PM Youth Program for Small Loans: PKR 10 billion has been allocated for the PM Youth Program. This program provides small loans to empower the youth and encourage entrepreneurship.
- Pakistan Endowment Fund for Education: With an allocation of PKR 5 billion, the Pakistan Endowment Fund for Education aims to further enhance educational opportunities and support deserving students.
- PM Initiative for IT Start-ups and Venture Capital: The budget allocates PKR 5 billion to promote IT start-ups and venture capital. Hence it fosters innovation and technological advancements.
- PM Initiatives for Women Empowerment: PKR 5 billion has been set aside for initiatives focused on empowering women. This enables them to actively participate in the economy and society.
The Prime Minister has introduced a range of initiatives aimed at fostering development and prosperity across multiple sectors, such as education, entrepreneurship, and women empowerment. These initiatives demonstrate the government’s commitment to creating a conducive environment for growth and inclusivity in the country.
Development Projects in Government’s Budget Proposal
The federal budget also emphasizes infrastructure development and allocates funds for numerous development projects. Here are some of the key projects:
- Public Sector Development Program (PSDP): A total of PKR 90 billion has been earmarked for the PSDP. This focuses on infrastructure development and public welfare projects.
- Special Initiatives of the Prime Minister: The budget reserves PKR 170 billion for special initiatives led by the Prime Minister. These include targeted development schemes benefiting different regions and communities.
- Project Allocations: The budget outlines allocations for specific projects. Examples are of the Dasu Hydropower Project, Karachi Greater Water Supply Scheme, Railway Freight Wagons and Passenger Bogies, and several others. Furthermore these projects aim to improve the country’s infrastructure and meet the evolving needs of the population.
The federal budget for the fiscal year 2023-24 includes a comprehensive framework of relief measures and development projects. The government’s focus on addressing inflation, promoting entrepreneurship, empowering women, and investing in infrastructure underscores its commitment to fostering sustainable growth and development.
PSDP 2023-24 for Ministries, Divisions, Departments
The federal budget for the fiscal year 2023-24 outlines allocations for various ministries, divisions, and departments. Here are the details:
- The government has allocated PKR 9.95 billion to the Interior Ministry to strengthen security measures and maintain law and order.
- The Law and Justice Ministry has reserved PKR 1.40 billion to enhance legal services and ensure access to justice.
- The Maritime Affairs Ministry has set aside PKR 3.3 billion to promote maritime development and improve port infrastructure.
- The government has allocated a budget of PKR 150 million to the Narcotics Control Division to combat drug trafficking and drug abuse.
- The Health Ministry has received an allocation of PKR 13.10 billion to improve healthcare facilities and enhance public health services.
- The government has allocated PKR 540 million to the National Heritage and Culture Division to preserve and promote the country’s rich cultural heritage.
- The Railways Division has reserved PKR 33 billion for the development and modernization of the railway network.
- The Pakistan Atomic Energy Commission has received an allocation of PKR 26.10 billion to support nuclear energy research and development.
- The Pakistan Nuclear Regulatory Authority has set aside PKR 150 million to ensure the safe and secure use of nuclear technology.
- The Petroleum Division has allocated a budget of PKR 1.50 billion to enhance the country’s petroleum resources and exploration efforts.
- The Planning Division has reserved PKR 24.89 billion for planning and implementing development projects across the country.
- The government has earmarked PKR 500 million to reduce poverty and provide social protection under the Poverty Alleviation and Social Protection program.
Read: According To The World Bank, Pakistan Requires About 10 Million Homes To Meet Its Housing Needs
These examples showcase the allocated funds for various ministries, divisions, and departments to support their respective mandates and promote development.
Growth Targets for Various Sectors for 2023-24
The budget also sets growth targets for different sectors in the fiscal year 2023-24. Here are some of the key growth targets:
- GDP Growth Rate: The target for overall economic development has been set at 3.5% to promote growth and progress.
- Agriculture Sector: The target growth rate for the agriculture sector and major crops is 3.5% each. These focus on increasing productivity and ensuring food security.
- Industrial Production: The target growth rate for industrial production is 3.4%, with a specific emphasis on enhancing manufacturing capabilities.
- Services Sector: The government has a growth target of 3.6% set for the services sector. These include various industries such as finance, education, and healthcare.
- Other Sectors: The government has specific growth targets set for sectors. These include livestock, cotton canning, forestry and fisheries, large-scale manufacturing, electricity generation and gas distribution, wholesale and retail, transport and communication, education, private sector production, real estate, and the financial and insurance sector.
Furthermore these growth targets aim to stimulate economic activity, create employment opportunities, and foster sustainable development across multiple sectors.
The federal budget for the fiscal year 2023-24 reflects the government’s commitment to prioritize investments, allocations, and growth targets. Hence it ensures the country’s progress and prosperity.
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