Finance Minister Muhammad Aurangzeb is scheduled to present the federal budget for the fiscal year 2024-25, totalling Rs18 trillion, in the National Assembly today. Official sources revealed that the budget aims to focus on fiscal consolidation to manage the budget deficit effectively.
Key objectives of the budget include addressing the challenges faced by citizens, transforming the agriculture sector, promoting the information technology (IT) industry, boosting exports, fostering industrial growth, and supporting businesses.
“The budget has been formulated with careful consideration of both domestic and international economic challenges,” said an official source. “The government is committed to presenting a pro-people, business-friendly, and progressive budget.”
Revenue collection is expected to be a significant focus, with a target set at over Rs12 trillion for the upcoming fiscal year, reflecting robust growth in the outgoing fiscal year of 2023-24.
“This budget is the result of close coordination among various departments and ministries,” the source noted. “It aims to implement policies geared towards fiscal consolidation to contain the budget deficit. Key features will include revenue mobilisation, economic stabilisation, reduction in non-development expenditures, and job creation.”
The budget presentation follows the launch of the Economic Survey, providing a comprehensive overview of the country’s economic performance and setting the stage for the forthcoming fiscal strategies.