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Pakistan: Major Highlights Of Budget 2024-25
Economic growth target fixed at 3.6 percent for fiscal year 2024-25. Inflation seen at 12 percent in FY2024-25. Total outlay of the budget for FY25 is Rs18.9 trillion.
Gross revenue receipts expected at Rs17.8 trillion. Rs5.142 trillion expected from bank borrowing. Privatisation proceeds expected at Rs30 billion.
Non-bank borrowing expected at Rs2.662 trillion. Rs666 billion earmarked for net external receipts. Rs9.775 trillion earmarked for interest payments.
Rs1.014 trillion to be spent on pensions. Rs2.122 trillion allocated for Defence affairs and services. Rs1.777 trillion earmarked for grants and transfers to provinces.
Rs1.363 trillion to be spent on subsidies. Running of civil government and emergency provision expected to consume Rs1.152 trillion. Rs1.674 trillion allocated for development and net lending.
Overall fiscal deficit is at Rs7.283 trillion. Overall fiscal deficit at GDP 5.9 percent, down from the revised 7.4 percent of FY2023-24. FBR taxes envisaged at Rs12.97 trillion, around 40 percent higher than outgoing fiscal year.
Non-tax revenue envisaged at Rs4.8 trillion. Federal PSDP budgeted at Rs1.400 trillion. Rs37,000 minimum wage proposed.
Pensions of government employees to be increased by 15 percent. 25 percent increase in salaries of Grade 1 to 16 and 20 percent in Grade 17 to 22. GST exemption granted to the FATA/PATA region to be removed.
Withdrawal of custom duties exemptions on CBU imports of hybrid vehicles. Maximum limit for petroleum levy enhanced for petrol and diesel to Rs80 per litre. Withdrawal of concession on import of electric vehicles with value exceeding US$ 50,000.
Sales tax rate for point-of-sale (POS) retailers dealing in leather and textile products increased from 15 to 18 percent. Iron and steel scrap to be exempted from levy of sales tax. Rs253 billion allocated for development of energy sector.
Extra Federal Excise Duty (FED) of Rs1,000 per ton imposed on cement, bringing total FED to Rs3,000 per ton of cement dispatched. ‘National Fiscal Pact’ proposed with all provinces. A new category of ‘Late Filers’ introduced in the income tax law under the Finance Bill 2024.
Increase in allocation of BISP from Rs466 billion to Rs592 billion, subsidy allocation of Rs65 billion for utility stores corporation, Rs10 billion kept for Ramzan package.
Advance tax on registration of motor vehicles above 2,000 cc will be fixed at a certain amount in proportion to the value of the vehicle.

Budget 2023-24 At A Glance (Rs. in Billion)
Resources Value Expenditure Value
Tax Revenue (FBR) – FederalConsolidated Fund 9,200 A. Current 13,320
Non-Tax Revenue 2,963 Interest Payments 7,303
a) Gross Revenue Receipts 12,163 Pension 761
b) Less Provincial Share 5,276 Defence Affairs & Services 1,804
I. Net Revenue Receipts (a-b) 6,887 Grants and Transfers toProvinces & Others 1,464
II. Non Bank Borrowing 1,906 Subsidies 1,074
III. Net External Receipts – Fed.Consolidated Fund 2,527 Running of Civil Govt. 714
IV. Bank Borrowing (T-Bills, PIBs,Sukuk) – Fed. Consolidated Fund 3,124 Provision for Emergency andothers 200
V. Privatization Proceeds – Fed.Consolidated Fund 15 B. Development & Net Lending 1,140
Total (II + III + IV + V) 7,572 Federal PSDP 950
Net Lending 950
Total Resources (I to V) 14,460 Total Expenditure(A+B) 190

Fiscal Deficit & Financing of Budget 2023-24 (Rs. in Billion)
Federal Deficit Value Financing Value
A) Federal Revenue (Net) 6,887 A) Net External Financing 2,527
B) Total Federal Expenditure (i+ii) 14,460 Multilateral & BilateralSources 926
i) Current Expenditure 13,320 Commercial & Euro Bond 1,601
ii) Development and Net Lending (a+b) 1,140 B) Net Domestic Financing 5,031
a) Federal PSDP 950 National Saving Schemes, GPFund and Deposit & Reserves 7
b) Net Lending 190 Bank (Govt. Securities) 5,023
C) Privatization Proceeds 15
C) Federal Deficit (A-B) -7,573 Total Financing (A+B+C) 7,573

Gross Domestic Product Of Pakistan (at Constant basic prices of 2015-16) (Rs. Million)
Sector/Industry 2021-22F 2022-23R 2023-24P
GDP Growth Rate (%) 6.18 (0.21) 2.38
Commodity Producing Activities ( A+B ) 16,200,230 16,122,049 16,770,147
A. Agriculture, Forestry and Fishing (1 to 4) 8,778,647 8,977,824 9,539,130
1. Crops ( i+ii+iii) 3,083,439 3,051,587 3,388,088
2. Livestock 5,387,611 5,587,125 5,804,348
3. Forestry 185,162 215,946 222,532
4. Fishing 122,435 123,166 124,162
B. Industrial Activities ( 1 to 4 ) 7,421,583 7,144,225 7,231,017
1. Mining and Quarrying 651,208 629,670 660,187
2. Manufacturing ( i+ii+iii) 4,864,350 4,606,868 4,718,573
3. Electricity, Gas and Water supply 926,804 1,019,017 911,531
4. Construction 979,221 888,670 940,726
C. Services ( 1 to 10) 22,643,030 22,641,272 22,914,547
1. Wholesale & Retail trade 7,325,882 7,033,762 7,056,017
2. Transport, Storage 3,980,936 4,130,519 4,179,877
3. Accommodation and Food Services Activities (Hotels & Restaurants) 541,222 563,604 586,712
4. Information and Communication 1,125,119 1,115,886 1,082,157
5. Financial and Insurance Activities 730,220 661,448 597,710
6. Real Estate Activities (OD) 2,156,942 2,235,936 2,320,396
7. Public Administration & Social Security (General Govt) 1,853,122 1,722,958 1,632,551
8. Education 1,071,646 1,126,861 1,242,936
9. Human Health and Social Work Activities 600,835 654,153 698,613
10. Other Private Services 3,257,106 3,396,145 3,517,578
D. GDP (Total of GVA at bp(A+B+C)) 38,843,260 38,763,321 39,684,694
E. Taxes 2,906,476 2,828,010 2,829,209
F. Subsidies 779,803 632,838 427,553
G.GDP at mp (GVA+T-S) 40,969,933 40,958,493 42,086,350
H.Net Primary Income (NPI) 2,806,550 3,236,045 3,448,377
I.Gross National Income 43,776,483 44,194,538 45,534,727
J. GDP(at Current Market Prices) 66,657,868 83,874,923 106,045,093