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Business

Web Desk
June 13, 2020

PTI government's strategy for Budget 2020-21

Business

Web Desk
Sat, Jun 13, 2020

The PTI-led government faces a delicate task in balancing its priorities 2020-21 amid an unprecedented crisis due to the coronavirus pandemic and other challenges arising from the government's austerity measures in fiscal 2019-20.

The following will be its key areas of focus next fiscal year.

  • No new taxes were introduced in order to provide relief to the masses
  • Proposed tax concessions will prove effective in helping boost the economic activities
  • Striking a balance between corona expenditure and fiscal deficit
  • Keeping primary balance at sustainable level
  • Welfare expenses to be continued under the Ehsaas Programme for the society's poor and destitute
  • Successful continuation of IMF program
  • Assistance to people to provide cushion from effects of the corona to be continued in the next fiscal year as well
  • Keeping development budget at adequate level to inject economic growth
  • Pakistan's defence and internal security situation given satisfactory importance
  • Bringing improvement in the revenue collection without unnecessary revisions in taxes
  • Resources allocated for concessions to the construction sector, including Naya Pakistan Housing Scheme
  • Special funds allocated for special areas — that is erstwhile FATA, Azad Jammu and Kashmir, and Gilgit-Baltistan — to ensure the development and economic growth there
  • The special initiatives led by the prime minister like Kamyab Jawan, Sehat
  • Card, Billion tree Tsunami etc have also been protected
  • Austerity and rationalization of expenditures will be ensured
  • Subsidy regime will be rationalized to provide targeted subsidy to the deserving segments of the society.
  • NFC award will be revisited. Moreover, the provinces will be asked to fulfill its funding commitment made at the time of merger of erstwhile FATA