Pakistan: Major Highlights Of Budget 2024-25 | ||
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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) | |||
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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) | |||
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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) | |||
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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 |