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ISLAMABAD: The Pakistan Muslim League-Nawaz-led government on Tuesday presented its second budget with a total outlay of Rs3.945 trillion for the fiscal year 2014-15.
Federal Finance Minister, Senator Ishaq Dar read out the budget proposals at the special session of National Assembly attended by Prime Minister Nawaz Sharif and presided over by the speaker Sardar Ayaz Sadiq.
The Minister proposed a 10 percent ad hoc relief in the salaries of federal government employees and an increase in the minimum monthly wage to Rs12,000 from Rs10,000. The Minimum pension is being raised from Rs5000 to Rs6000.
Conveyance allowance for employees of Grade 1-15 is proposed to be increased by 5 percent.
The allocation for defence has been proposed at Rs700 billion for FY 2014-15.
Under Benazir Income Support Programme (BISP) the poor will now receive Rs1500 per month, Rs300 more compared to previous fiscal. Now 5.3 million families will be supported instead of 4.1 million.
The Federal Development budget is proposed to be fixed at Rs525 billion.
The number of customs slabs are being reduced from 8 to 6. The maximum customs duty is being reduced from 30 to 25 percent.
For Diamer Bhasha dam Rs10 bn had been allocated for the acquisition of land while Rs15 billion are being earmarked for the next fiscal. Funds for other dams in different provinces are also being allocated.
The government is allocating Rs205 billion for investment in various power projects to overcome the energy crises on priority basis.
Privatization of the state owned organizations will be undertaken and the proceeds will be spent for the development of the people.
Sindh will get Rs 464billion under National Finance Commission (NFC) Award, Khyber Pakhtunkhwa Rs283 billion and Balochistan Rs160 billion
In the next five years 500 new locomotives will be purchased while arrangements are being made to obtain 1500 new rail cars to facilitate the passengers.
Rs 77billion are being allocated for 45 differnet schemes for Railways besides salaries and pension of its employees.
For higher education Rs63 billion have been allocated which is 10percent higher than the previous year.
Through the auction of 3G and 4G technologies as many as 900,000 people will get employment opportunities.
Work on Karachi-Hyderabad motorway project will soon be started.
The foreign exchange reserves of the country will soon be raised to 22 billion dollars.
Estimates for 2014-15
Revenue collection is estimated at Rs3.943 trillion for FY 2014-15, 10 percent up compared to FY 2013-14.
Expenditures Rs3.937 trillion, 2 percent up compared to previous fiscal.
Current expenditures are estimated at Rs3.130 trillion.
FBR tax revenue collection is estimated at Rs2.810 trillion.
Allocation for Public Sector Development Programme (PSDP) for 2014-15 is Rs525 billion.
Fiscal Deficit will be kept to 4.9 percent in 2014-15.
Total foreign loans Pakistan expects to receive is Rs869 billion.
In the previous fiscal year 2013-14:
The rate of inflation was brought down to 6.8 percent.
Exports were raised to 21 bn dollars, registering a gain of 4.24 percent while the remittances rose to 129 million dollars.
Rupee value against the dollar witnessed an unprecedented recovery and remains stable around Rs98-99, showing a rise of 11percent.
Foreign exchange reserves have been increased to 13.5 bn dollar which are will be brought up to 15 billion dollars, hopefully, by this July.
The launch of Euro bond received an encouraging response.