Islamabad : 13 June, 2020.
The budget for 2020-21 has been presented.
I wish the attitude of the opposition was serious. The deficit in our GDP revenue is 3000 billion Of 2020-2021. The budget was presented in extraordinary circumstances as the Corona epidemic shook the world economy
The reason why the wheel of the economy has stopped is that our revenue has come down by Rs. 800 billion From July to March, our exports increased, while from March to June, they declined sharply due to Corona
As you know, a large part of our budget is spent on paying interest on loans to past governments.
The PTI government did not take these loans – they were taken by the previous governments but we have to repay them.
For this, Prime Minister Imran Khan is trying to get concessions from international financial institutions not only for Pakistan but for the entire developing economies.
I’m glad the G20 and the Paris Club have given us some concessions
Our focus is on international financial institutions so that we can get more concessions and, when more resources become available, we can use them to provide employment and alleviate poverty.
The feature of the budget for 2020-21 is that the government has not imposed any new taxes and has not imposed undue burden on the people.
Rather, it has tried to lighten the burden of the past by indirectly reducing taxes, duties and tariffs and reducing regulatory duties.
We are working to improve the tax collection system by reforming the FBR
Automation of the tax system will certainly improve tax collection but at the same time reduce corruption.
We. Has tried to revive a stagnant economy that needs growth
For growth, we have focused on three things
We have selected sectors that create jobs
Agriculture is a sector that can support our economy at the moment. We have allocated a significant amount in this budget to improve the agricultural sector and water resources.
An amount of Rs 10 billion has been allocated in this regard to combat the locust attack. Another Rs 50 billion has been allocated for the agricultural sector.
The second sector to boost growth is construction, for which many incentives have been announced so that people can invest in this sector.
We want our growth rate to go from negative to positive, to grow at least 2% and to take it to where it should be in the coming years.
With this aspect of growth in mind, we have decided that the public sector development program will not be cut but increased because if growth is increased, employment will be created and poverty will be reduced.
The 7th National Finance Award tied the hands of the federal government because 60 per cent of the revenue from direct and indirect revenues goes to the provinces while 40 per cent remains with the federation. Have to do
Therefore we. Has decided to continue the process of reducing government spending as before
Despite knowing India’s intentions, we did not increase defense spending so as not to impose too much burden on the people. What is it
We have focused on the areas and classes that are living below the poverty line
To this end, we have increased the amount from Rs 178 billion last year to Rs 208 billion this year under the Ehsas program
Although health and education are the responsibility of the provinces, we have allocated huge sums in this budget to improve these areas as well.
Our goal is to minimize the burden on the people, to stop wasting money, to revive the economy and not to let unemployment rise too much.
I congratulate the Minister of Finance and his entire economic team for providing a very appropriate, encouraging, and optimistic budget in these difficult times.