On 6th of May, 2015 finance minister unveils the financial budget from 2015-16 of Pakistan in the national assembly and the ministry of finance is looking forward to an ambitious growth in economy targeting of 5.5 %
A development and growth directed Federal Budget of this year with a total charge of 4.313 trillion rupees for the next economic year with major focus on attracting investors and investment in Pakistan.
The Minister said that the government has been very successful to drive the country away from the economic crisis which were being faced by Pakistan for the last many years and is now stable to meet any future problem.
He further said the government never hesitate to take tough decisions to bring the economy back on the right path and he implemented on the policies given by the Prime Minister with all loyalty, sincerity and with good intentions. He gave a complete speech on the budget comprising of following salient features of the budget 2015-16
1. 4.6% down in inflation which is lowest in last eleven years.
2. 9.3% increase in Per Capita Income; from $1384 to $1512.
3. 7% cut in Policy Rate of State Bank of Pakistan.
4. 4.3% Fiscal Deficit for 2015-16 is to be limited.
5. 1.61% declined in imports from $34.65 billion to $34.09 billion
6. 3.2% declined in exports; from $ 20.83billion to $20.18 billion.
7. 70% increase in KSE Index; from 19,916 to 34,000.
8. Registered about 4100 industries; from 3664 to 4100. Increases 11.2%.
9. $12bn touched by Forex Reserves; increase of $7.7billion.
10. Work on 7000 MW new power projects underway, 3600 MW from LNG and by 2017 would increase to 10,600MW
11. This year 62.9% is limited to Public Debt Management; In next coming three years it will be brought to 60%
12. Budget for Baitul Maal Pakistan to be increase to double of Rs 4 billion.
13. BISP scope to be increased to support 5 million families, budget to be enhanced to Rs102bn from Rs97bn
14. Investment to GDP Ratio goes up in current year to 13.5%, target for 2015-16 is 16.5%
15. 500 universal e-telecentres to be set up at the cost of Rs12bn to encourage e-agriculture, e-commerce, e-learning
16. Remaining areas of country to be linked with fibre optic cable at the cost of Rs2.8bn in consultation with provincial governments
17. International call rates to be rationalized, grey traffic to be cut by increasing legal traffic from Rs367mn to Rs1.1bn per month
18. Government employs gets an increase in salaries of about 7.5 about which is less than the previous budget.
19. Communication network will be linked with rural area at the price of Rs 3.6 billion.
20. Communication and Information Tech Scholarships will continue till next year.
People of Pakistan anxiously wait for the financial budget and keeps their expectations high from the democratic government of Pakistan that they will give some relief to a common man. As per the new budget once again nearly no relief is given to people and they are highly disappointed.