PML-N gov’t to present first budget on Wednesday

The Pakistan Muslim League (PML-N) government will present its first federal budget for the Fiscal Year (FY) 2013-14 on Wednesday.

Finance Minister Ishaq Dar will present the budget in the National Assembly.

PML-N leaders say that the new budget focuses on revival of economy‚ energy crisis‚ reducing non development expenditure and to give relief to the people.

The budget will also focus on social sector development‚ revenue enhancement‚ good governance and to boost private sector investment.

The govt is likely to announce a 30-percent decrease in the official expenditures in line with instructions from Prime Minister, Nawaz Sharif.

The special meeting of the federal cabinet will discuss and approve the budget hours before its presentation.

The govt is expected to chalk out plan for reducing power outage in the budget.

President Asif Ali Zardari has summoned the budget session to meet at 4:30 p.m., an official notification says.

Meanwhile the Economic Survey 2012-13‚ highlighting the economic scenario of the country‚ is being released in Islamabad later on Tuesday.

A statement issued by the Finance Ministry in Islamabad says Finance Minister Senator Muhammad Ishaq Dar will chair the launching ceremony of the economic survey.

On Monday, the National Economic Council (NEC) approved Rs.1155 billion development projects including Federal Public Sector Development Programme of 540 billion rupees and 615 billion rupees of development projects for provinces. 

The GDP growth has been projected at around 4.4 percent for the next budget while the inflation target fixed single digit at about 8 percent.

The agriculture sector is expected to grow at 3.8 percent, industry 4.8 percent and services sector at 4.6 percent during the year 2013-14.

Exports for 2013-14 are estimated to grow by over 5 percent to $26.6 billion from $25.3 billion estimated for the ongoing fiscal year.

On the other hand, the imports into the country are projected to increase by 7 percent from $40.3 billion last year to $43.3 billion this year.

The survey is expected to focus on achievement of targets by various ministries and divisions as well as growth of industrial‚ commerce‚ agriculture‚ education‚ health and other sectors during the outgoing fiscal year.

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Posted by Tahir Khan on Jun 11 2013. Filed under Business, Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.