ISLAMABAD: Minister of State for Revenue Hammad Azhar on Tuesday said that incumbent government has taken serious measures to remove the structural flaws in the economy, ARY News reported.
Speaking at the floor of National Assembly, the state minister said that the country’s economic system was facing basic faults from the past 70 years.
He said that Prime Minister’s Office has successfully managed to squeeze its expenditures up to Rs675 million as against the budgetary allocation of Rs986 million for the financial year 2018-19.
“The speeches of opposition benches shows that Pakistan has surpassed China in development,” he said.
He said that Pakistan exports have witnessed an increase in the past months, adding that the Pakistan Housing Scheme project will catch pace during the ongoing year.
Informing the NA session about the federal budget the minister said that govt has set aside Rs217 as subsidy on electricity.
“The education budget has been increased by 35pc in the fiscal year 2019-20 budget. The circular debt of the country was slashed by Rs144billion,” he added.
He said the gas sector was facing 150 billion rupees loss while circular debt reached 453 billion rupees, ballooning to over 1100 billion rupees.
The Minister of State for Revenue said the PTI government made efforts to stabilize the economy when the country was at the verge of default.
He said 217 billion rupees have been allocated for subsidy on electricity that will benefit the 75pc ordinary consumers.
He said the capital gain tax on mutual fund industry has been reduced from 25 to 15pc.
