ISLAMABAD: The budget session of the National Assembly has started under the chairmanship of Speaker Raja Pervez Ashraf in which Finance Minister Muftah Ismail is presenting the federal budget for the financial year 2022-23.
Muftah Ismail said that the revenue of the Federal Board of Revenue (FBR) will be Rs 6,000 billion in the current financial year and the share of the provinces in the revenue will be Rs 3512 billion. The non-tax revenue of the federation is expected to be Rs. 1315 billion this year while the total expenditure of the federation will be Rs. 9118 billion for the current budget 2022-23
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According to Muftah Ismail, Rs 3144 billion will be spent on repaying loans this financial year.
In his budget 2022-23 speech, the finance minister said that Rs 1450 billion was spent on defense, Rs 530 billion on federal government expenditure, Rs 525 billion on pensions and Rs 1515 billion on subsidies.
Estimates of revenue and expenditure for the financial year 2022-23
Finance Minister Muftah Ismail said in his budget speech that the revenue of FBR is estimated at Rs. 7004 billion for the next financial year out of which the share of provinces will be Rs. 4100 billion. The federal government will have a net revenue of Rs 4904 billion while non-tax revenue is estimated at Rs 2000 billion.
According to the finance minister, the total expenditure of the federal government in the financial year 2023 is estimated at Rs 9,502 billion, of which Rs 3,950 billion will be spent on debt servicing.
The Finance Minister said that Rs. 800 billion has been allocated for public sector development programs.
Rs 1523 billion has been allocated for national defense for the financial year 2022-23, the expenditure of civil administration will be Rs 550 billion.
Rs 530 billion has been allocated in the federal budget for pensions. In addition, Rs 699 billion has been allocated for targeted subsidies for the benefit of the people.
Rs 1242 billion has been earmarked in the form of grants for the financial year 2022-23 which includes grants from Bait-ul-Mal, Benazir Income Support Program and other departments.
Benazir Income Support Program
In the federal budget, the amount of Benazir Income Support Program has been increased from Rs 250 billion to Rs 364 billion.
In addition, Rs. 12 billion has been allocated for subsidy of goods on Utility Store Corporation. An additional amount of Rs. 5 billion has been allocated for Ramadan package.
Under the next financial year, under the BISP, 9 million families will be provided with the facility of Benazir Kafalat Cash Transfer Program for which Rs. 266 billion has been allocated.
An amount of Rs. 65 billion has been allocated in the budget for the Higher Education Commission. In addition, Rs 44 billion has been earmarked for HEC development schemes.
Supply of laptops in easy installments
One lakh laptops will be provided to students across the country in easy installments.
The federal budget has allocated Rs 21 billion for increasing the production of crops and livestock.
Culture and film industry
Finance Minister Muftah Ismail said that with the implementation of 2018 Film and Culture Policy, the film has been given industry status and a Binding Film Finance Fund is being set up at an annual cost of Rs. 1 billion while medical insurance policy for artists has been started. Is being done.
He said that filmmakers would be given five years tax holiday, five years income tax on establishment of new cinemas, production houses and film museums and tax rebate on export of film and drama for ten years while income of cinema and producers. Is being exempted from income tax.
Increase in salaries of government employees
The Finance Minister said that the country is currently suffering from severe financial crisis and still the problems of government employees are felt therefore the salaries of government employees are being increased by 15%.
Following the presentation of the budget, the National Assembly session has been adjourned till 4 pm on June 13.
Energy / Electricity
An amount of Rs.72 billion has been allocated for improving power generation, transmission and distribution out of which Rs.12 billion will be paid for early completion of Mohmand Dam.
The federal budget has allocated Rs 100 billion for Diamer Bhasha Dam, Mohmand, Dasu, Nai Gaj Dam and Command Area projects.
Transport and communication
The federal budget has set aside Rs 202 billion for highways and ports.
Rs 70 billion has been allocated for the underprivileged to improve the lives of the people.
It is proposed to allocate Rs. 51 billion for higher education projects.
Rs 24 billion has been allocated for infectious diseases, supply of medical equipment, vaccination and capacity building of health facilities.
The federal government has allocated about Rs 10 billion to tackle climate change, including tree planting and other projects to improve the natural environment.
Science Technology and IT
The government has allocated Rs 17 billion for training in the IT sector, providing laptops to the youth, improving the network and promoting IT exports.
Agriculture and food security
Rs 11 billion has been earmarked for innovation in the agricultural sector and increasing the use of machinery and supply of quality seeds and export of agricultural produce.