The federal government is being presenting its first growth-oriented budget for the fiscal year 2024-25, with an estimated outlay of over Rs18,500 billion on Wednesday (today).
The budget for fiscal year 2024-25 is being presented in the National Assembly by Federal Minister for Finance and Revenue Muhammad Aurangzeb.
The budget has been formulated while considering the existing challenges being faced by the economy on domestic and international fronts.
EXPORTS, INDUSTRIAL GROWTH MAIN FOCUS
Hence, mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting exports and industrial growth, and bolstering businesses would be the main focus of the document, sources said.
The government is committed to presenting a pro-people, business-friendly and progressive Federal Budget FY 2024-25. It will pursue policies aimed at fiscal consolidation to contain budget deficit.
Revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditure, job creation and people-friendly policies for the socioeconomic prosperity are expected to feature in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting the private sector investment.
On the revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax-payers.
Keeping in view the robust growth of revenue during the current fiscal year (2023-24), the government is likely to set the revenue collection target at over Rs1,200 billion for the fiscal year 2024-25.
The sources said the preparations for the announcement of the federal budget was in full swing in accordance with the prescribed timeliness.
The budget is being prepared in close coordination among all departments and ministries involved in budget-related process including the presentation of the budget in parliament and launching of the Economic Survey, sources added.
The federal government will present a budget of more than Rs18,900 billion.
