ISLAMABAD – The federal government is set to unveil its first federal budget for the fiscal year 2024-25, with an estimated outlay exceeding Rs18 trillion.
Finance Minister Muhammad Aurangzeb will present the budget in National legislature, which has been formulated with consideration of the current economic challenges on both domestic and international fronts.
The key objectives of Budget 2024-25 will be to alleviate public hardships, transform the agriculture sector, promote information technology (IT), enhance exports, stimulate industrial growth, and support businesses.
PML-N led alliance government aims to implement policies geared towards fiscal consolidation to curb the budget deficit, with a proposed salary increase for employees ranging from 15 to 20 percent.
Budget 2024-25
| Category | Details |
|---|---|
| Budget Outlay | Over Rs18 trillion |
| Presentation Date | June 12, 2024 (Wednesday) |
| Finance Minister | Muhammad Aurangzeb |
| Focus Areas | Mitigating public hardships, transforming agriculture, promoting IT, boosting exports, stimulating industrial growth, supporting businesses |
| Fiscal Consolidation | Contain budget deficit |
| Salary Increase Proposal | 15 to 20 percent |
| Revenue Mobilization | Improve tax collection, broaden tax base, facilitate taxpayers |
| Revenue Collection Target | Over Rs12 trillion |
| Tax Target for FBR | Over Rs12.9 trillion |
| Federal Budget Deficit | Over Rs9.5 trillion |
| Federation Income | Rs15.424 trillion |
| Tax Revenue Estimate | Rs13.32 trillion |
| Petroleum Levy Revenue | Rs1.08 trillion |
| Total Allocation for Expenses | Rs22.037 trillion |
| Defense Budget | Rs1.252 trillion |
| Social Sector Development | Emphasis on development and governance reforms |
| Private Sector Investment | Encourage and boost private sector investment |
This year’s budget will focus on revenue mobilization, economic stabilization and growth, reduction of non-development expenditures, job creation, and people-friendly policies for socioeconomic prosperity.
The budget will also emphasize social sector development and introduce reforms to improve governance and encourage private sector investment.
To boost revenue, the incumbent government plans to introduce measures to improve tax collection systems, broaden the tax base, and facilitate taxpayers.
In light of revenue growth, the government is likely to set the revenue collection target at over Rs12 trillion for the fiscal year 2024-25. All relevant departments and ministries were involved in budget-related activities, including the budget presentation in Parliament and the launch of the Economic Survey.
The proposed tax target for the Federal Board of Revenue (FBR) is set at more than Rs12.9 trillion. The federal budget deficit is estimated to be over Rs9.5 trillion, while the expected income of the federation is Rs15.424 trillion in the upcoming budget.
The tax revenue is estimated at Rs13.32 trillion, with Rs1.08 trillion expected from the petroleum levy. The allocation for expenses is Rs22.037 trillion, and the defense budget is promised at Rs1.252 trillion.
