Summary of Pakistan Federal Budget 2023-24

Summary of Pakistan Federal Budget 2023-24

The Federal Government of Pakistan budget is passed for 14.46 Trillion rupees on the 9th of June 2023.

The economic growth for the year 2023-24 is estimated at the rate of 3.5%.

Similarly, the inflation rate is also estimated at an average rate of 21%.

To enhance tax collection, the tax-to-GDP ratio is fixed at 8.7%.

Moreover, the current account deficit will be almost dollar 6 billion at the end of the year 2023-24.

Further, rupees 761 billion are also fixed for the pension of federal employees. It shows the huge amount allocated for pensioners.

In addition, rupees 30 billion is allocated to provide solar facilities to almost 50000 agriculture tubewell.

Most importantly, rupees 1800 billion are allocated for the defense sector of Pakistan which is a huge percentage of the budget.

Similarly, 1.1 trillion rupees are also reserved for subsidies for different commodities and necessities goods.

Further for the health sector rupees 22.7 billion are allocated in budget 2023-24.

For public sector development projects a considerable amount of rupees 950 billion is reserved.

A special subsidy is reserved for importing Urea and the amount is rupees 6 billion rupees.

35% adhoc relief allowance is announced for federal employees from grade 1 to 16.

Similarly, 30% increase in ad-hoc relief allowance for employees from grade 17 to 22.

Furthermore, a 17.5% increase in federal government employees is also announced for the year 2023-24.

For students, rupees 10 billion is allocated to provide 100,000 laptops to students.

Increase in Benazir Income Support Programme allocation from Rs400 billion to Rs450 billion.

Related: Federal Employees Salary increase budget 2023-24