Federal Budget 2022-23

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Amid economic constraints, The Federal Budget 2022-23 with a total outlay of 9502 billion rupees has been announced, encompassing measures for sustainable economic growth, industrial and agriculture development and relief for the poor people.  Finance Minister Miftah Ismail said 3950 billion rupees will be spent on debt servicing. He said that a budget of 800 billion rupees has been earmarked for the next year’s PSDP. He said 1523 billion rupees has been set aside for country’s defence and 550 billion rupees for civil administration’s expenditure. Besides, 530 billion rupees have been allocated for pension, while 699 billion rupees for targeted subsidies for the benefit of the poor people. An amount of 1242 billion rupees has been proposed for grants, which include the grants of Benazir Income Support Programme, Bait-ul-Mal and other departments. Likewise, FBR revenue has been estimated at 7004 billion rupees for the next fiscal year. This includes 4100 billion rupees share of provinces. The net revenue with the Federal Government will be 4904 billion rupees. The non-tax revenue will be 2000 billion rupees. the energy sector has pivotal importance for the people as well as the industries and trade. For these sectors and the people we gave an additional subsidy of 214 billion rupees. He said 573 billion rupees have been earmarked in the next financial year so that the people could afford the electricity in the harsh weather of summer.  He said we released 248 billion rupees for the payment of outstanding amounts in the petroleum sector and 71 billion rupees will be provided in the next fiscal year.  He said we will soon announce the new gas tariffs which will be aimed at providing gas to the industries at competitive rates which will help in bolster exports.

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