Rs8trn federal budget to be presented today

ISLAMABAD: The Pakistan Tehreek-e-Insaf government is going to present its third budget for the fiscal year 2021-22, with an estimated outlay of around Rs8 trillion, on Friday (today).

The National Assembly is already in session where the budget for the fiscal year 2021-22 would be presented. Like last year, the budget for the upcoming year has been formulated considering the impact of Covid-19 on the people and businesses of the country, hence mitigating people’s sufferings, reforming agriculture sector, promoting industry and businesses would be the main focus of the document, official sources said.

“The government is firmly committed to presenting a pro-people, business-friendly and growth-oriented Federal Budget FY 2021-22. The government will pursue an all-inclusive, sustained and robust economic growth through short, medium and long-term economic planning,” they added.

According to the official sources, in addition to fiscal management, revenue mobilisation, measures for economic stabilisation and growth, reduction in non-development expenditures, boosting exports, besides job creation and people-friendly policies for the socio-economic prosperity of the country would feature in the budget.

It would also focus on social sector development as well as introducing reforms for improving governance and boosting private sector for investment.

On the revenue side, though no new taxes would be introduced, the government would announce measures for bringing improvements in the system of tax collection, broadening the tax base and facilitating tax payers, as a strong revenue generation will play a crucial role in achieving the targets for economic growth.

The government is likely to set the revenue collection target at Rs5.8 trillion for the fiscal year 2021-22. The budget is being prepared in close coordination between all departments and ministries involved in budget-related events.