LAHORE: (Dunya News, Web Desk) – The volume of Budget 2016-17 is going to be Rs 4394 billion while the tax collection target is going to be set at Rs 3621 billion. Moreover, non-tax revenue target is going to be Rs 960 billion, reported Dunya News.
According to the budget document obtained by Dunya News, the total volume of the budget is going to be Rs 4394 billion. The allocation for Defence is going to be Rs 860 billion, increasing the defence budget by Rs 160 billion.
Exports declined by 9.6%, now stands at $18.18 billion. Imports declined by 4.6%, now stands at $32.73 billion says Ishaq Dar.
Ishaq Dar speech in Parliament:
The fears that loomed large over Pakistan s economy in 2013, when we had taken over the government, are gone now. Pakistan s economy is seen to be having a great potential for growth and improvement.
60% increase has been recorded in the tax-collection during the last three years and this is a historical improvement. Trade deficit was negative in 2012-13 and is 312 billion rupees now.
Exports remained low this year in terms of revenue but the biggest reason is that the commodity prices have dropped internationally.
Interest rate is at the lowest in last several years with just a rate of 5.75%.
Per capital income has reached 1561 dollars today.
In June 2013, State Bank had just 6 billion dollars and now they have risen to 16.8 billion dollars while the commercial banks have 4.8 billion dollars, totaling to 21.6 billion dollars, the highest in Pakistan s history.
Current account deficit has remained at 1% during the last one year.
The tax-collection target of Rs 3104 billion will have been achieved by the end of June 2016.
Energy has been our government s top priority ever since we took over power. By March 2018, Pakistan will have over 10,000 mega watts of electricity more. Dasu Dam and Bhasha Dam will continue after March 2018 as well.
According to Pakistan Social and Living Measurement survey, the poverty ratio has dropped to 29.2% in 2016.
Benazir Income Support Program: The budget has been increased to Rs 115 billion in the Budget 2016-17. The number was 3.7 million in 2012-13 while it is 5.3 million now. The stipend used to be Rs 12,000 annually for each family while now it is Rs 18,000.
IT: With Universal Service Fund, telephone and IT will reach regions of Balochistan and FATA with Rs 2.43 billion, while Rs 9.52 billion will be spent on already running projects. Institutes for women have also been provided with computer labs.
Will bring fiscal deficit to 4% in Budget 2016-17 and it will be brought down to 3.8% next year. Development budget has always been reduced in order to bring stability in the budget but the current government has increased it to Rs 800 billion in Budget 2016-17. A comprehensive strategy has been devised to improve public-private sector in development projects.
Imports remained at 32.7 billion dollars during 2015-16.
Exports declined by 11%, now stands at $18.18 billion. Imports declined by 4.6%, now stands at $32.73 billion, says Ishaq Dar.