Finance Minister Ishaq Dar unveiled the Federal Budget 2023-24. The salient features of budget that he mentioned in hi address in the National Assembly were:
- Foreign exchange reserves will be improved by increasing remittances.
- Businesses will be facilitated to provide employment opportunities to the youth
- Relief will be given to the poor sections to protect them from inflation
- The tax rate will be increased on non-filers to bring them under the tax ambit
- Exemption in sales tax returns will be given in the IT sector
- In the budget, it has been decided to retain the concessional tax rate of 0.25 per cent for IT exports
- It is proposed to give concessions to foreign investors in IT exports. In this regard, it has been decided to reduce the rate of sales tax from 15 to 5 per cent
- The Federal Cabinet approved the Federal Development Program (PSDP) worth Rs 1150 billion rupees
- Rs 26 billion & 10 crore rupees will be allocated for development projects for Pakistan Atomic Energy
- Rs 15 crores allotted for Pakistan Nuclear Regulatory Authority
- Rs 1 billion & 50 crores allocated for Petroleum Division
- Decision to keep Rs 24 billion & 89 crores for planning division, Rs 50 crores for poverty alleviation and social protection
- Next year, 250 mini sports complexes will be built in the country, the project will cost Rs 12 billion
- 60 mini sports complexes will be constructed in 36 districts of Punjab
- Plan to build 50 mini sports complexes in 34 districts of Khyber Pakhtunkhwa
- Plan to build 40 mini sports complexes in 29 districts of Sindh
- 30 mini sports complexes will be constructed in 33 districts of Balochistan.
- Plan to build 70 mini sports complexes in Islamabad, Azad Kashmir and Gilgit-Baltistan
- Sports facilities will also be provided in 10 tribal districts merged in Khyber Pakhtunkhwa
View of budget 2023-24 in terms of sectors
Sector-wise a detailed overview of the budget is as follows:
- Rs 5 billion & 45 crore rupees approved for development projects for aviation
- Rs 1 billion & 11 crore rupees s approved for the investment board under PSDP
- Development projects worth Rs 90 billion & 12 crore rupees approved under cabinet division
- Rs 4 billion & 5 crore for climate change division
- Rs 1 billion & 10 crore for commerce division
- Rs 3 billion & 40 crore for defence division
- Rs 2 billion budget for defence production division approved
- Rs 84 crores for establishment division
- Rs 3 billion & 22 crores for finance division approved in PSDP.
- The Ministry of Education and Professional Training will spend Rs 8 billion & 50 crores for development projects
- Rs 60 billion & 90 crore for Azad Jammu and Kashmir
- Rs 57 billion for merged districts.
- Rs 59 billion & 71 crore for Higher Education Commission
- Rs 36 billion & 70 crore for Housing and Works.
- Rs 81 crore will be allocated to the Human Rights Division
- Rs 3 billion for the Ministry of Industry and Production
- Decision to allocate Rs 2 billion for Information and Broadcast Division,
- Rs 6 billion for Information Technology
- Rs 1 billion & 90 crores will be kept for the Ministry of inter-provincial communication
- Rs 9 billion & 95 crores will be kept for the Ministry of interior.
- Rs1 billion & 40 crores will be allocated for law enforcement departments
- Rs 3 billion & 30 crores will be allocated for maritime affairs.
- Rs 15 crore for narcotics control division
- Rs 8 billion & 85 crore for national food security
- The decision to allocate Rs 13 billion & 10 crores to the Ministry of Health
- Rs 54 crores to the National Heritage and Culture Division.
- Decision to keep Rs 24 billion & 89 crores for planning division
- Rs 50 crores for poverty alleviation and social protection
- Rs 33 billion rupees for railway division
- Ministry of Religious Affairs will receive Rs 80 crore
- Rs 3 billion & 20 crore for revenue division
- Rs 8 billion allocated for science and technology research
- Rs 107 billion will be allocated to the Ministry of Water Resources
- Rs 6 billion 90 crore for SPARCO
