KARACHI: The Budget 2022-23 is a growth budget. It is based on a well thought out strategy to boost the economic growth earlier outlined in the Medium Term Budgetary Strategy Paper for FY 2022-23 to FY 2024-25, which gave a clear roadmap of the strategic priorities, revenue and spending policies of the Government.
The main strategies of the Federal Government for FY 2022-23:
1) Stablization in economic growth
2) Control the increasing inflation
3) Increase in Revenue
4) Enhancement in Exports
5) Protectect the vulnerable segments of society
6) Maximum relief measures to improve the socio-economic condition of
7) Control tax leakages
8) Incentives to tax collection agencies
Budget 2022-23 hopes to control the fiscal deficit to boost growth of the economy, maintain primary balance at a sustainable level, protection of social spending to support the poor of the society and Mobilization of resources by increasing tax net.
Budget 2022-23 also hopes to increase in Non-Tax Revenue through cost recovery and rationalizing regulatory fees; Continuation of successful IMF programme; Maintain a level of Development Budget to boost the economy of country; Funding of special areas of the country to ensure their development; Control of non productive expenditure through austerity measures; Target subsidy to the deserving segments of the society; Keep the expenditure within the approved budget allocation; Control the prices of daily useable items through increase in supply of such items.