Rs: 3,591 2013-14 federal budget presented

Finance Minister Ishaq Dar Wednesday presented budget with a total outlay of 3‚591 billion rupees for the financial year 2013-14.

Presenting the budget before the National Assembly, he said the budget has been designed to ensure a progressive way to revive and strengthen the national economy.

“This involves stability in all fields‚ creation of new employment opportunities and development of infrastructure to give a boost to economic activities”.

He said every effort will be made to transform the country into a real progressive and welfare state and regain the lost glory.

Ishaq Dar said we inherited ruined economy but we have the resolve to change the course and make the country self-reliant in all fields.

He said new budget is based on the PML-N’s election manifesto.

The finance minister said private sector will be converted into real engine of economy as it is not possible for the government to take responsibility of market economy.

He said all possible facilities will be provided to private sector to give a boost to economic growth. The government’s top most priority will be to improve education‚ health‚ population welfare‚ development of infrastructure and construction of mega projects.

He said to overcome power loadshedding is also top most priority of the government as no progress and economic growth could be made without electricity.

Ishaq Dar said the government will not rely on subsidies. The government will prepare a comprehensive plan to improve the lot of poor and deprived segments of society and involve them in the national development programmes.

Explaining salient features of the Public Sector Development Programme‚ Finance Minister Ishaq Dar said the programme worth 1‚155 billion rupees is aimed at ensuring higher growth rate and achieving sectoral targets taking into consideration.

This includes 540 billion rupees development programme for the federal government and 615 billion rupees for the provinces.

Under the PSDP‚ an allocation of 107 billion rupees has been made for energy sector. WAPDA will invest 118 billion rupees on electricity development projects in addition to 225 billion rupees private sector investment in this sector.

In the communication sector‚ 105 billion rupees have been allocated including 63 billion rupees for National Highway Authority and 31 billion rupees for Railway.

An amount of 59 billion rupees has been set aside for the construction of new water reservoirs.

The allocation of 25 billion rupees for education sector development programme is in addition to over 18 billion rupees for Higher Education Commission‚ over 2 billion rupees for science and technology and 10 billion rupees for Earthquake Rehabilitation Authority.

Under new PSDP‚ 25 billion rupees have been allocated for National Health Services. Five billion rupees have been earmarked for development activities under Tameer-e-Pakistan Programme.

Similarly‚ 43 billion rupees will be provided for development activities in Azad Jammu and Kashmir‚ Gilgit-Baltistan and Tribal Areas.

Under the PSDP‚ 115 new development projects will be launched in various sectors during the next financial year.

The GDP growth rate for the next financial year has been set at 4.4 percent with the contribution from agriculture 3.7‚ industry 4.8 and services 4.5 percent. Gross National Product has been targeted at a growth rate of 12.8 percent while per capita income is projected at 146‚445 rupees.

Efforts will be made to control inflation rate and the current level of investment will be enhance from 14.2 to 15.1 percent of GDP.

With gradual improvement in the security environment and power generation foreign direct investment is expected to increase up to 13.3 percent and national savings upto 14 percent of GDP.

The strategy of monetary policy during the next financial year will be to ensure price stability and provide support to economic growth by improving implementation monetary policy and operation framework. Similarly balance of payment in trade is also expected to improve due to better availability of energy supply coupled with high targets set in strategic trade policy framework.

Exports have been projected to grow by 5 percent upto 26.6 billion dollars and imports to increase by 7.1 percent upto 43.3 billion dollars. Therefore‚ trade deficit has been projected by 16.7 billion dollars.

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Posted by Tahir Khan on Jun 12 2013. Filed under 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.