With Rs 8tr outlay, PTI govt to unveil budget for FY22 today
ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government is all set to unveil the federal budget 2021-22 with a total outlay of Rs8.4 trillion today (Friday), reported ARY News.
Sources relayed that the government has proposed Rs1,330 bn defence allocation with Rs3,105 bn to be earmarked for interest payments. Gross domestic product (GDP) growth target has been set at 4.8 per cent in the budget 2021-22.
The Federal Board of Revenue’s (FBR) tax collection target for the forthcoming fiscal year will be set at Rs5,829 bn, they said, adding the government has projected export target at $26.80 bn while import at $55.30 bn.
The government will pitch the current account deficit target at $2.30 bn in the budget 2021-22 while foreign remittances at $31.30 bn. It plans to earmark Rs994 bn for various grants while Rs501 bn for subsidies.
The sources said inflection rate will be kept at 8 per cent for the FY 2021-22 while industrial growth at 6.8 per cent, large-scale manufacturing at 6.2 per cent, overall investment target at 16 per cent, and national savings at 15.3 per cent.
Federal Finance Minister Shaukat Tarin unveiled on Thursday the Pakistan Economic Survey 2020-21.
The minister told the media that despite the challenges the country faced due to the COVID-19 pandemic, the economy has witnessed a V – shaped recovery, adding that the current economic recovery has been achieved without compromising internal and external stability.
He maintained that manufacturing has witnessed broad-based growth as major sectors of LSM have shown significant improvement i.e., Textile, Food Beverages & Tobacco, Non-Metallic Mineral Products and Automobile. First nine months of FY2021 recorded highest period wise growth of 8.99 percent since FY2007.
Current account posted a surplus of $ 0.8 billion, during July-April, FY2021 for the first time in 17 years.
Inflows of foreign exchange through the Roshan Digital Account (RDA) crossed the $1 billion mark. During July-April FY2021, workers’ remittances posted historically high growth of 29 percent and reached to $ 24.2 billion.
Pakistan Economic Survey will provide an overview of the national economy, highlighting performance and achievements in different sectors during the outgoing fiscal year. In a statement, the finance minister said the government is committed to present a pro-people, business-friendly and growth-oriented Federal Budget 2021-22 for the next fiscal year.
He expressed the determination to pursue an all-inclusive, sustained and robust economic growth through short, medium and long-term economic planning.