Business

Rs 5.5 trillion Federal Budget to be presented today

Federal Budget for the fiscal year 2018-19 with an estimated outlay of Rs 5.5 trillion will be presented in the parliament today (Friday), with a likely increase of salary and pension of government employees by 15 percent.
Advisor to Prime Minister on Finance Miftah Ismail will present the budget where tax revenue target would be around Rs 4.5 trillion.
As per details, defense budget size would be proposed to nearly Rs 1.050 trillion, whereas, an amount of Rs 1.550 trillion is likely to be allocated to service debt and principal payment.
The government is expected to propose an increase of 10 to 15 percent in pension and salaries. Besides this Rs 220 billion will be earmarked for subsidies. Subsidies would be given to power, textile, water, for construction of small dams, ramzan package and wheat to be provided to Gilgilt and Baltistan.
For the development projects, the federal and provincial governments are expected to spend Rs 1010 billion and Rs 1030 billion respectively.
Moreover, the government is likely to give nearly Rs 2565 billion to provinces which will be consumed for social safety, reduction in poverty, health and education sectors.