National Budget to be announced on Friday

ISLAMABAD: The National Budget for the Fiscal Year 2011-12, envisaging growth rate acceleration, economic stabilization, employment generation, broadening of tax base and relief to the common people, will be presented in the National Assembly on Friday.The consolidated outlay of the next year budget is likely to be about Rs3.8 trillion whereas revenue target is estimated at about Rs1.9 trillion.The budget will also address the issues of energy generation, social sector development and revenue enhancement besides major reforms will be introduced for improving governance and boost private sector investment.Amid domestic and international challenges, the realistic GDP growth target will be 4.2 percent while in the outgoing fiscal year 2.4 percent GDP growth is likely to be achieved against the target of 4.5 percent.The growth in FY 2011-12 will base primarily on revitalizing the industrial sector by curtailing energy shortages and high interest rates that are presently discouraging the private sector from investing.This year, the budget will also focus on infrastructure, human capital, promotion of investments and exports and agriculture sector development.Emphasis will also be made to normalize agriculture activity and maintaining good performance in services sector.The government is keen to provide relief to the people in the budget and has taken comprehensive measures to achieve this objective.Federal Minister for Finance Dr Abdul Hafeez Shaikh after the approval of the Budget 2011-12 from the Federal Cabinet will announce the budget, sources in the Ministry of Finance said.Enhancing revenues to minimize dependence on external finances, cutting down the government expenditures, enhancing growth through a new growth strategy and job creation will feature in the upcoming budget.The National Economic Council (NEC) has already approved a development budget of Rs.730 billion for the Public Sector Development Programme (PSDP) 2011-12 as the peoples government wants the uplift of its masses and improve their living conditions across the country. – Brecorder