Federal budget for FY 2015-16 today
The federal cabinet in a meeting chaired by Prime Minister Nawaz Sharif will approve the budget proposals today before the budget speech of the federal finance minister in the parliament session.
The total outlay of 2015-16 fiscal year budget will be 4.5 trillion. According to sources, the federal government has set 5.5 percent GDP growth rate for the fiscal year 2015-16.
The government has fixed taxes revenue target at 3103 billion rupees in the new budget. Around 1310 billion rupees have been allocated for debt servicing and repayment of loans according to sources.
The allocation for defence budget has been proposed at 772 billion rupees.
The government is expected to raise the employees salaries by 10 percent, while 15 percent increase has been proposed in pensions of retired government employees.
Moreover, Rs 107 billion likely to be allocated for Benazir Income Support Programme (BISP).
Rs 700 billions have been earmarked for the federal Annual Development Programme (ADP) for the next fiscal year.
According to sources, influential agriculture lobby in the power corridors again successfully avoided the tax on agriculture sector.
It has been expected that the government will increase tax on sugar, milk powder and other essential commodities.