ISLAMABAD (Dunya News) – The National Economic Council (NEC) has approved Rs1,500 billion development budget.
According to sources, the committee meeting held under chairmanship of PM Shehbaz Sharif which reviewed previous financial year’s plan and approved the annual plan for the financial year 2024-25.
The committee had approved an economic development target of 5.1 percent while the agricultural growth target at 2 percent.
The NEC approved various other sectors target including industrial growth target of 4.4 percent, services sector growth target 4.1 percent, export $40 billion for the budget year 2024-25.
The target of import has been set at $68 billion while remittances target set at $30.2 billion dollars.
According to the budget document, the budget deficit will be contained at 3.7 per cent.
WHAT'S IN BUDGET?
The federal government is all set to present its first growth-oriented budget for the fiscal year 2024-25, with an estimated outlay of over Rs18,500 billion on Wednesday (today).
The budget for fiscal year 2024-25 would be presented in the National Assembly by Federal Minister for Finance and Revenue Muhammad Aurangzeb at 4pm.
The budget has been formulated while considering the existing challenges being faced by the economy on domestic and international fronts.
EXPORTS, INDUSTRIAL GROWTH MAIN FOCUS
Mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting exports and industrial growth, and bolstering businesses would be the main focus of the document, sources said.
The government is committed to presenting a pro-people, business-friendly and progressive Federal Budget FY 2024-25. It will pursue policies aimed at fiscal consolidation to contain budget deficit.
Revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditure, job creation and people-friendly policies for the socioeconomic prosperity are expected to feature in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting the private sector investment.