ISLAMABAD: Finance Minister Muhammad Aurangzeb is set to present an Rs18 trillion federal budget for the fiscal year 2024-25 in the National Assembly today. Official sources indicate that the budget will emphasize fiscal consolidation to manage the budget deficit.
Key objectives of the budget include addressing public issues, transforming the agriculture sector, promoting information technology (IT), boosting exports, fostering industrial growth, and supporting businesses. The budget formulation took into account the current economic challenges both domestically and internationally.
On the revenue front, the government is expected to set a revenue collection target exceeding Rs12 trillion for the fiscal year 2024-25, following strong revenue growth in the outgoing fiscal year, 2023-24.
“The budget preparation involved close coordination among all relevant departments and ministries, ensuring comprehensive planning for the budget presentation in parliament following the launch of the Economic Survey,” a source stated.
The budget will pursue policies focused on fiscal consolidation to contain the budget deficit. Additional priorities include revenue mobilization, economic stabilization, reduction in non-development expenditures, and job creation.
