Pakistan presented a budget of Rs 848 lakh crore for the financial year 2021-22

Pakistan presented a budget of Rs 848 lakh crore for the financial year 2021-22

Islamabad, Jun 11 (PTI) The Pakistan government on Friday presented a budget of Rs 8,48,700 crore for the new financial year. This includes a defense budget of Rs 1,37,000 crore, an increase of Rs 8,100 crore over the previous year.

Last year the defense budget was Rs 1,28,900 crore.

Presenting the budget for the fiscal year 2021-22 in the National Assembly, Finance Minister Shaukat Tarin said that the government has allocated Rs 2,135 billion under the Public Sector Development Program (PSDP). This is 37 percent more than last year.

He said, “Our GDP growth target for the financial year 2021-22 is 4.8 percent. But it may be more than the measures we have taken to accelerate growth.

The Finance Minister said that the government is aiming for 6 to 7 percent growth in the coming years.

According to the budget document, the defense expenditure is estimated to be Rs 1,370 billion. Neither the minister nor the budget documents gave any details about defense expenditure. It is often kept confidential.

The minister also announced to fix the minimum wage of the workers at Rs 20,000. He announced an allocation of USD 1.1 billion for the purchase of coronavirus vaccines and Rs 100 billion for the COVID-19 emergency fund.

Tarin said that 14 billion rupees have been allocated for projects related to the prevention of climate change. At the same time, he said that the expenditure budget for development works has been increased from Rs 630 billion to Rs 900 billion.

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He also announced that the federal government would provide 60 billion rupees to Pakistan-occupied Kashmir. Last year a provision of Rs 56 billion was made. Apart from this, 47 billion rupees have been kept in the budget for Gilgit-Baltistan. Last year this amount was Rs 32 billion.

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