National budget to be announced tomorrow

National budget to be announced tomorrow

ISLAMABAD – The National Budget for Fiscal Year 2012-13, envisaging growth rate acceleration, economic stabilisation, employment generation and relief to the common people, is scheduled to be presented in the National Assembly on Friday (June 1).

Finance Minister Dr Abdul Hafeez Shaikh will announce the Budget 2012-13 after its formal approval from the cabinet, sources in the Ministry of Finance said on Wednesday. Enhancing revenues to minimise dependence on the external finances, cutting down the government expenditures, enhancing productivity through a new growth strategy and job creation, will feature in the upcoming budget. The budget will also address the issues of energy generation, social sector development and revenue enhancement, besides reforms will also be introduced for improving governance and boosting private sector investment. Amid domestic and  international challenges, the realistic GDP growth target will be 4.3 percent while in the outgoing fiscal year 3.7 percent GDP growth is likely to be achieved against the target of 4.2 percent. The growth in FY 2012-13 will be achieved through improvement in productivity and competitiveness, reforms in the markets, promoting cities as regional clusters, improve connectivity, reforming the civil service, institutions and public sector entities, harnessing potential of youth and embarking on result-based management.

The agriculture growth during the upcoming fiscal year 2012-13 is projected at 4 percent, manufacturing at 4.1 percent while the services sector will grow at 4.6 percent. 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 the services sector. The government is keen on providing relief to the people in the budget and has taken comprehensive measures to achieve this objective. The National Economic Council (NEC) has already approved a development budget of Rs 873 billion for the Public Sector Development Programme (PSDP) for the year 2012-13, with Rs 360 billion as federal component and Rs 513 billion as the provincial component. Of the total Rs 513 billion allocations for the provinces, Rs 206 billion have been allocated for Punjab, Rs 188 billion for Sindh, Rs 78 billion for Khyber Pakhtunkhwa and Rs 41 billion have been allocated for Balochistan.  -pakistantoday