The federal government has proposed Gross Domestic Product (GDP) growth rate at 4.8% for the upcoming Budget 2021-22 here on Friday (today).
According to the budget 2021-22 document available, the GDP growth rate has been set at 5% and for important crops, the growth rate has been forecast at 2.2%.
The growth rate for cotton has been proposed at 10% of the overall GDP projected by the federal government for the upcoming FY22, read the budget document.
For the industrial sector, the growth rate has been set at 6.5% and 6.2% has been estimated for the manufacturing sector.
Growth target for the large manufacturing sector has been proposed at 6%. However, for the construction sector, it has been jutted at 8.3%.
Before the approval, the government presented a Rs8.5 trillion budget 2021-22 today.
The government aims at moving towards graduating from stabilization to growth trajectory by ensuring direct interventions for providing relief to 4 to 6 million poor people. The budget revolves around 3Ds on the expenditures front including debt servicing, defence and development.
Shaukat Tarin To Present Budget 2021-22 In National Assembly Today
The budget for the financial year 2022-2021 will be presented in the National Assembly today.
The total volume of the budget for the year 2021-22 is likely to be more than Rs 8,000 billion, which will be presented by the Federal Minister of Finance Shaukat Tarin in the National Assembly.
Will there be an increase in the salaries of government employees or not? The final decision will be taken at a meeting of the federal cabinet before the budget is presented.
It is proposed to increase the salaries of government employees by 10 to 15 per cent.
900 billion is being allocated for the federal development budget and Rs. 1,330 billion for defence.
The target for tax collection in the new financial year will be Rs 5,705 billion, 480 billion in pensions, 530 billion in subsidies, 900 billion in development budget, 510 billion in civil government expenditure and 994 billion in grants.