Finance Minister of Pakistan Muhammad Aurangzeb unveiled budget for fiscal year 2024-25 on Wednesday. Key targets of Budget 2024-25 include GDP growth target of 3.6pc, inflation at 12pc, and a budget deficit at 5pc of GDP.
The government aimed to increase income, reduce unnecessary expenses, and shift to a market-driven economic model. Key measures include reforms in the pension system, privatisation of state-owned enterprises, and efforts to boost the agriculture and IT sectors.
Budget 2024-25 also includes easing regulatory frameworks to attract business investment and increase exports.
Key Takeaways from Budget 2024-25
Budget Outlay: Total outlay of Rs. 18.877 trillion, with 30pc increase
Current Expenditure: Proposed Rs. 17,203 billion, around 29pc increase
Minimum Wage Increased from Rs. 32,000 to Rs. 37,000.
Budget 2024-25 Objectives
- Ensure stability and growth
- Reform external sector
- Strengthen private sector
- Support vulnerable groups
- Improve public sector efficiency
- Introduce targeted energy and agriculture reforms
- Focus on youth education and skill development
- Integrate green and gender-responsive budgeting
Tax Policy Highlights
- Increasing tax base
- Digitize economy
- Implement progressive taxation
- Increase transaction taxes for non-filers
- Protect vulnerable segments from inflation
Federal Revenue
Total revenue of Rs. 17,815 billion, net revenue of Rs. 10,377 billion after provincial transfers.
Transition to Market-Driven Economy
Emphasis on transitioning from government-controlled to a market-driven economy.
Equity and Inclusion
Importance of considering equity and inclusion in economic reforms.
