Federal Budget 2022-23 - Big announcement for the salaried class


#Budget2022 #Nationalassembly #Budget_for_economic_stability
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Federal Budget 2022-23 - Big announcement for the salaried class

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Real GDP posts growth of 5.97%
For July-April FY22, current account deficit remains $13.8bn
Agriculture sector posts growth of 4.4%
Industrial sector records growth of 7.2% in FY22
Services sector still constitutes the largest share of 58% in GDP
Total revenues increase by 17.7% and reach Rs5,874.2bn
ISLAMABAD: A day before announcing the budget for the fiscal year 2022-23, the coalition government reflected upon the performance of the economy for the outgoing fiscal year with a growth of 6% against the envisaged target of 4.8%.

Finance Minister Miftah Ismail, who succeeded Shaukat Tarin as the country’s finance czar in mid-April (which interestingly is when the survey review period ends), chaired the launch ceremony of the Economic Survey 2021-22.

"The situation in Pakistan has remained the same: whenever the country records growth, unfortunately, it falls into a crisis of current deficit,” Miftah said in a televised press conference.

The survey document released by the Ministry of Finance noted that though the economy recovered from the pandemic (a 0.94% drop in FY20) and maintained a V-Shaped recovery by posting real GDP growth of 5.97% in the fiscal year 2022, this high growth is "unsustainable" and has resulted in "financial and macroeconomic imbalances".

The survey also noted that provisional GDP growth has been estimated at 5.97% on the back of 4.4%, 7.19%, and 6.19% in the agriculture, industry, and services sector, respectively.

It is worth mentioning that the National Economic Council (NEC) has approved the annual targets for the upcoming fiscal year 2022-23, including the economic growth target set at 5%, along with the commitment to make efforts to raise it to 6%.

Pakistan's growth story
He said that historically, Pakistan’s economy had shown periodic boom-bust growth cycles. And the reasons for such volatile growth cycles included wide-ranging economic challenges like shrinking fiscal space, exchange rate pressure, mounting current account deficit, and inflation, among others.

“The same has happened this time as well. The recent 5.97% growth recorded during the outgoing fiscal year 2021-22, according to the new estimates, has pushed Pakistan towards the balance of payments and current account deficit crises,” the finance minister lamented.


مالی سال 23-2022 کا وفاقی بجٹ پیش، سرکاری ملازمین کی تنخواہوں میں 15 فیصد اضافہ، بڑی شاندار خوشخبری آگئی ۔ آپ کو بتاتے چلیں کہ نئے مالی سال کیلیے 9502 ارب روپے کا وفاقی بجٹ پیش کردیا گیا ۔ نئے مالی سال 23-2022 میں وفاقی حکومت کے کل اخراجات کا تخمینہ 9 ہزار 502 ارب روپے ہے، پروگرامز کیلئے 800 ارب، دفاع کیلئے 1523 ارب، پنشن کی مد میں 530 ارب، ایچ ای سی کیلئے 65 ارب روپے کی رقم مختص کی گئی ہے۔ ماہانہ ایک لاکھ روپے تنخواہ پر کوئی ٹیکس نہیں ہوگا۔ وفاقی بجٹ میں پنشن کی مد میں 530 ارب روپے مختص کیے گئے ہیں۔ اس کے علاوہ عوام کی سہولت کیلئے ٹارگیٹڈ سبسڈیز کی مد میں 699 ارب روپے مختص کیے گئے ہیں۔ وفاقی بجٹ میں بے نظیر انکم سپورٹ پروگرام کی رقم 250 ارب روپے سے بڑھا کر 364 ارب روپے کردی گئی۔ اس کے علاوہ یوٹیلٹی اسٹور کارپوریشن پر اشیاء کی سبسڈی کیلئے 12 ارب روپے کی رقم مختص کی گئی ہے۔ 5 ارب روپے کی اضافی رقم رمضان پیکج کیلئے مختص کی گئی ہے۔




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