What to expect from budget 2023?
Islamabad: On Friday, March 9, 2023, the federal government will announce the budget of Rs13,800 billion for the next fiscal year. News sources claim that Rs 7,300 billion are allocated for debt payment while the budget deficit would reach over Rs 6,000 billion.
According to reports, the budget unveiling today will put forward the following developments:
- Framework to generate Rs 9,200 billion from tax revenue and Rs 2,800 billion from non-tax revenue.
- Rs 1,300 billion will be allocated for subsidies
- The developmental sector will receive Rs 1,150 billion
- Provinces to receive Rs 5,244 billion
- Defence will get Rs 1,800 billion
- A raise of 20-30 per cent in salaries of government employees
- Around Rs 700 billion allocated for pension, which would be increased to 20 per cent
- Ministries will get Rs 650 billion
- Members of Parliament will get Rs 90 billion for development schemes
- For Prime Minister’s initiative, Rs 80 billion is allotted
- IT, science and space technology may attain Rs 18 billion