Budget 2011-2012 Pakistan Announced, Detailed Report
A raise of 15% has been approved for the salaries of government employees.
Copyright by Geo News
ISLAMABAD: The federal government is presenting the budget for the fiscal year 2011-12 in the national assembly. Finance minister Hafeez Shaikh is presenting the budget.
Earlier the finance minister had revealed that the economy had only grown by 2.4% against a target of 4.5% in the outgoing financial year.
Federal excise duty on soft drinks has been reduced to 6%.
The finance minister ended the speech with the following couplet:
Tundi-e-baad-e-mukhalif se na ghabraa aey dost
Ye to urti hay tujhe ooncha uraane ke liye
GST has been reduced from 17% to 16%.
All special excise duties have been abolished.
The government will bring 2.3 million people into the tax net.
The government has recommended that more than 390 regulatory duties be withdrawn.
The budget outlay for fiscal year 2011-12 is Rs 2.5 trillion.
Fiscal deficit will be 4% of the GDP.
Revenue collection is expected to be more than 9% of the GDP.
We will use Utility Stores to bring relief to the people.
PSDP will focus on completing existing programs and working on new program.
Rs 50billion has been allocated for transport sector
We have set aside Rs 28 billion for Gilgit-Baltistan, Azad Jamm & Kashmir.
The federal government has set aside Rs 40 billion for health and education, despite it these being provincial subjects.
Pension has been increased by 15%-20%.
Sheikh says he is hopeful the new fiscal year will lessen difficulties the country is facing.
The manufacturing sector has started picking up again.
We are facing challenges and we will have to deal with them.
Forex reserves are more than $17 billion.
We will try to maintain growth at 7% for a steady period.
Inflation will be brought down to single digits.
The speech is barely audible over the shouting of the opposition, who have shifted from chanting slogans to random shouting.
“We are with those who are giving their lives to the country,” says the finance minister.
Sheikh congratulates the Prime Minister and opposition leader amid slogans from the opposition.
“Pakistan today is one where democracy has flourished,” says Sheikh.
Members of the opposition continue to shout slogans against.
“Jhoot bolna band keroo”
“Load shedding band keroo”
The finance minister has started the budget presentation.
Opposition members are chanting slogans against the government.
“Amreeki ghulami naa manzoor”
Sources say Rs40 billion has been allocated for the National Highway Authority.
A raise of 15% has been approved for the salaries of government employees, sources have said.
The federal cabinet has approved the budget.
Opposition leader Chaudhry Nisar has rejected the budget stating
GST will likely be lowered from 17% to 16%.
Special excise duties are likely to be abolished.
According Express News, and Geo News: Federal Cabinet approved budget 2011-2012 Pakistan, main points of budget below.
Total Budget 2011-2012 Pakistan 25 Trillion and 4 billion Rupees
1- Govt Servants Salaries increased by 15 Percent in Budget 2011-2012 Pakistan
2- Federal Excise Duty Reduced 15 to 17 percent
3- Taxes imposes more than 3,50000 income.
4- Budget Deficit 975 Billion
5- Development Budget 730 Billion Rupees
6- Budget 2011-2012 is more than budget 2010-2011
7- Pensions increases by 20 percent for those who retires before 30 June 2002
8- Pensions increases by 25 percent for those who retires after 1st July 2002
9- Total Financial Deficit 850 Billion Rupees.
10- No Custom Duty increment at any product
11- GST Reduces from 17 to 16 percent
12- Health and Education Budget 40 Billion Rupees
13 -Irrigation and Water 50 Billion Rupees
14- Special Excise Duties will by removed in next two years
15- Defence Budget 495 Billion Rupees
16- Cold Drinks, Soft Drinks duty is 6 to 12 percent
ISLAMABAD: Highlights of the Federal Budget 2011-12, according to the text of budget speech obtained by Geo News here on Friday.
Public Service Development Program (PSDP) —- Rs 730 bn (up 58%)
Development Budget for National Highway Authority (NHA) — Rs 71 bn (up 106%)
Development Budget for Federal Ministries —- Rs 158 bn (up 59%)
Development Budget for Special Program — Rs 33 bn (up 45%)
Development Budget for Special Areas — Rs 28 bn (up 21%)
Development Budget for IRRA — Rs 10 bn (up 38 %)
Break up of PSDP:
Development Budget for Federation has been allocated at Rs 300 bn. Its 57 % of will be spent on infrastructure development; 42 % on Social Sector; Rs16 bn for Education and Higher Education: Rs16.9 bn for Health; Rs20.5 bn for Bhasha Dam; Rs 10.8 for Neelum Jehlum Hydro Power Project; Rs14.6 for Guddu Steam Power and; Rs13.9 have been allocated for Chichuki Miliyan Combined Cycle Power Project.
For Provincial Development Rs 430 bn have been allocated.