Little left to allocate for development projects in FY-2022-23 budget

Finance Minister Miftah Ismail presented the budget for the financial year 2022-23 (Budget 2022-23) in the National Assembly on Friday.

Lion’s shares of debt servicing and defence expenditure leave behind crumbs for development projects, health and education.

MAJOR POINTS AND ANNOUNCEMENTS

Remittances target 33.2 billion PKR

GDP growth target set at 5 percent

Inflation to be brought down at 11.5 percent

FBR Revenue Target at 7004 billion PKR

Non-Tax revenue target at 2000 billion

Import target at USD 70 billion

Export target at USD 35 Billion

15 percent increase in salaries of government employees

Youth to get interest-free loans upto Rs500,000 under new employment scheme

End of 8 percent withholding tax on distributors, producers

Profit rate decreased to 5 percent from 10 percent on national saving schemes

Special exemption from income cax for cinema owners and film producers

Advance tax will be increased on cars above 1600cc

Exemption of complete custom duty on pharmaceutical ingredients

MAJOR ALLOCATIONS IN BUDGET 2022-23

Rs1523 billion allocated for defence

Rs699 billion for targeted subsidy

Rs21 Billion for Benazir Nashunuma Program

Rs800 billion for PSDP

READ FULL BUDGET UPDATES: Rs364 billion for Benazir Income Support Program

Rs64 billion for Higher Education Program

Rs24 Billion allocated for Health

Rs11 Billion for Agriculture

Rs9.5 trillion budget presented for FY 2022-23

Rs9.60 billion for Climate Change

Rs3.46 billion for Maritime Affairs

Rs25.99 billion for Atomic Energy Commission

Rs10.12 billion for food security

Rs530 billion for pension

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