KARACHI: Federal Finance Minister Senator Ishaq Dar announced relief and special measures for almost all sectors of economy besides a substantial increase in salaries of Federal government employees, pensioners while strict measures are proposed against “Non Filers”.
Presenting the fourth budget by the PML-N government Ishaq dar called upon all political parties to join government for formulating a “Charter of Economy”.
Pakistan is an Islamic welfare state, a responsible nuclear power requiring a strong economy and by the Grace of Allah Almighty our government has provided a strong footing, he said seeking cooperation from the political parties in greater national economic agenda.
The reliefs were for all sectors in this budget as run off to general elections 2018 apparently begins analysts said adding that economic indicators are showing recovery of the national economy.
Announcing the budget strategy, he said that government aims to bring fiscal deficit down to 3,9 per cent. He said that development expenditure will be 500 bln in the FY 2016-17.
He said that government has allocated huge funds for water sector under which besides Diamer Bhasha Dam, Dassu Dam , major projects would be under taken in Balochistan.
Finance Minister announced sizeable allocation for enery sector and said government is making efforts to cut down unit price of electricity, reduce line losses aimed at reducing monthly electricity bill of the consumers.
Finance Minister also announced schemes for Communication Sector including Pakistan Railways besides Human Sector development and added that Higher Education Commission would get biggest ever allocation which shows the importance attached to education sector by the PML-N government.
The most significant relief was given to the export sector which saw its old demand of Zero Rated Sales Tax regime accepted.
Seantor Ishaq Dar also announced reduction of customs duty on machinery import for livestock sector, Fisheries, textile industry etc.
Acknowledging the neglect of agricultural sector he said that agriculture sector deserves due importance as it provides 44 per cent direct employment to the populace. Having a share of 21 per cent in GDP.
He announced a number of reliefs to the sector including reduction in prices of Urea, DAP, increasing Agricultural Credit Limit and abolishing 7 per cent Special Sales tax on Pesticides. He also announced abolishing custom duty on dried prawns, fishlings.
Announcing relief to the federal government employees, Finance Minister said that two ad-hoc reliefs have been merged into basic pay while ad-hoc allowance of 10 per cent was announced in the present budget. The pension of retired employees was also increased by 10 per cent.
Federal Finance Minister irked by poor response to attempts by the government for documenting economy and broadening tax net announced continuation of measures against non filers in the FY 2016-17.