Budget 2021-22: Opposition Plans Strong Protest During Session

The Opposition held a meeting of its parliamentary members under the chairmanship of PML-N President Shehbaz Sharif following the budget session.

Sources said important decisions related to the budget have been taken in the meeting.

The meeting decided to take on the government with challenging its quest of presenting the third budget with a protest during the session.

On the other hand Chairman Pakistan Peoples Party (PPP) Bilawal Bhutto Zardari has also directed the party lawmakers to give tough time to the government in the budget session.

Note that after the meeting of the Federal Cabinet, Prime Minister Imran Khan reached the Parliament House to attend the budget session.

On this occasion, the journalist asked the Prime Minister, Khan Sahib, what will be the people-friendly budget? On this, Prime Minister Imran Khan says everyone will be happy with the budget.

It should be noted that the federal budget for the next financial year is being presented today in which the cabinet has approved a 10% increase in the salaries and pensions of government employees.

Note that the Federal Cabinet meeting, which took place under the chair of Prime Minister Khan, today has given approval for the presentation of Budget 2021-22 in the National Assembly (NA).

The Cabinet discussed the Budget 2021-22 proposals for the next fiscal year and approves the hike of pension and salaries by 10%.

Also, the meeting also approved the imposition of taxes on mobile phones.

Earlier on June 7, the government of Punjab had proposed a 15% rise in salaries and pensions in the budget of the province for the next fiscal year 2021-22.

However, other than an increase in salaries, the development outlay-Annual Development Plan (ADP)- for the province will be set at Rs480 billion for the next fiscal year.

A total of Rs265 billion would be earmarked for the ongoing projects while Rs130 billion would be set aside for new uplift schemes. A development budget of Rs62 billion is earmarked for Lahore uplift projects.

Government Presents GDP Growth Rate At 4.8%
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 budgetary 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.

The growth target for the large manufacturing sector has been proposed at 6%. However, for the construction sector, it has been jutted at 8.3%.

Budget 2021-22: Government Presents GDP Growth Rate At 4.8%

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.