ISLAMABAD: Pakistan Tehreek-e-Insaf government will present its third budget for the fiscal year 2021-22, with an estimated outlay of around Rs8 trillion.
The National Assembly is already in session where the budget for the fiscal year 2021-22 would be presented by Finance Minister Shaukat Tarin.
The government is likely to set the revenue collection target at Rs5.8 trillion for the fiscal year 2021-22. The budget is being prepared in close coordination between all departments and ministries involved in budget related events.
Like last year, the budget for the upcoming year has been formulated considering the impact of COVID-19 on the people and businesses of the country to mitigate people’s sufferings, reforming agriculture sector, promoting industry and businesses would be the main focus of the document
In addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides job creation and people-friendly policies for the socioeconomic prosperity of the country would feature in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector for investment.
On the revenue side, though no new taxes would be introduced, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers, as strong revenue generation will play a crucial role in achieving economic growth.
Meanwhile, Finance Minister Shaukat Tarin on Thursday launched Pakistan Economic Survey (2020-21), which highlighted that the country’s economy was on growth path and witnessed 3.8 percent growth despite negative impacts of the coronavirus pandemic, which had hit hard the world economies.