National Budget of about Rs.3.4 trillion to be announced Wednesday

ISLAMABAD: The newly elected democratic government is all set to present its very first Federal Budget of about Rs 3.4 trillion for the fiscal year 2013-14 before the National Assembly here on Wednesday (June 12) afternoon.

Finance Minister, Ishaq Dar will lay budget proposals for the financial year 2013-14 in the House, sources said adding these budget proposals will first be presented for approval before the federal cabinet in its special session to be chaired by Prime Minister Nawaz Sharif.

The National Budget for the upcoming financial year envisages revival economy, overcoming challenges at economic front particularly resolving the energy crisis and reducing non-development expenditures and providing relief to the masses including measures for provision of job opportunities to the unemployed youth.

“Overcoming the energy crisis, stabilization of economy, cutting down the non-development expenditures, enhancing productivity through new growth strategies, reduce fiscal deficit, enhance revenue collection and welfare of the people will feature as priorities in the upcoming budget,” they added.

The budget will also focus on social sector development and revenue enhancement, besides reforms will also be introduced for improving governance and boosting private sector investment.

Meanwhile, the National Economic Council (NEC) Monday approved Rs.1155 billion development projects including Federal Public Sector Development Programme of 540 billion rupees and 615 billion rupees of development projects for provinces.

The GDP growth has been projected at around 4.4 percent for the next budget while the inflation target fixed single digit at about 8 percent.

The agriculture sector is expected to grow at 3.8 percent, industry 4.8 percent and services sector at 4.6 percent during the year 2013-14.

Exports for 2013-14 are estimated to grow by over 5 percent to $26.6 billion from $25.3 billion estimated for the ongoing fiscal year.

On the other hand, the imports into the country are projected to increase by 7 percent from $40.3 billion last year to $43.3 billion this year.