The Pakistan Tehreek-e-Insaf government on Friday will present its third budget, for the fiscal year 2021-22, with an estimated outlay of around Rs8 trillion, state-owned news agency APP reported.
The National Assembly is already in session where the budget would be presented on Friday.
Like last year, the budget for the upcoming year has been formulated considering the impact of COVID-19 on the people and businesses, and will have the aim of mitigating people’s sufferings, reforming the agriculture sector, promoting industry and businesses, APP said, quoting official sources.
“The government of Pakistan 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,” the sources said.
In addition to fiscal management, revenue mobilisation; measures for economic stabilisation and growth; reduction in non-development expenditures; boosting exports; job creation; and people friendly policies for the socioeconomic prosperity of the country would feature in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector investment.
The government has set a 4.8% GDP growth target for the financial year starting July 1, Minister for Planning, Development and Special Initiatives Asad Umar has said.
Revenue
On the revenue side, though no new taxes would be introduced, the government would introduce measures to bring improvements in the tax collection system, broaden the tax base, and facilitate tax payers, sources said, adding that 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.
