{"id":39496,"date":"2024-06-12T20:05:29","date_gmt":"2024-06-12T15:05:29","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=39496"},"modified":"2024-06-12T20:11:20","modified_gmt":"2024-06-12T15:11:20","slug":"federal-budget-2024-25-key-takeaways-including-allocations-targets","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/federal-budget-2024-25-key-takeaways-including-allocations-targets\/","title":{"rendered":"Federal Budget 2024-25: Key Takeaways, updates including allocations &#038; targets"},"content":{"rendered":"<p>ISLAMABAD: Finance Minister Muhammad Aurangzeb presented the federal budget for the fiscal year 2024-25 on Wednesday. The key targets of Budget 2024-25 include targeting GDP growth at 3.6 percent, inflation at 12 percent and budget deficit at 5 percent of GDP.<\/p>\n<p>The government aims to increase revenue, reduce unnecessary expenditure and shift towards a market-driven economic model. Key initiatives include reforming the pension system, privatization of state-owned enterprises and efforts to promote the agriculture and IT sectors.<\/p>\n<p>Budget 2024-25 also includes relaxation of regulatory framework to attract business investment and boost exports.<\/p>\n<h2>Highlights from Budget 2024-25<\/h2>\n<ul>\n<li>101 percent increase in the development budget<\/li>\n<li>81pc has been allocated for ongoing schemes and 19pc for new schemes<\/li>\n<li>25 percent increase in salaries for BPS1-16<\/li>\n<li>22 percent increase in salaries for BPS17-22<\/li>\n<li>15 percent increase in pension<\/li>\n<li>Difficulties for non-filers to buy property<\/li>\n<li>End in tax exemption proposed<\/li>\n<li>17 major development projects included in the budget<\/li>\n<\/ul>\n<h2><strong>Major allocations in Federal Budget 2024-25<\/strong><\/h2>\n<ul>\n<li>Provinces \u2013 Rs7438 billion<\/li>\n<li>BISP \u2013 Rs597 billion<\/li>\n<li>National Highway Authority \u2013 Rs180 billion<\/li>\n<li>Energy sector \u2013 Rs253 billion<\/li>\n<li>Public Sector Development Programme (PSDP) \u2013 Rs1400 billion<\/li>\n<li>Karachi IT Park \u2013 Rs8 billion<\/li>\n<li>Cabinet Division \u2013 Rs75.77 billion<\/li>\n<li>Climate Change Division \u2013 Rs6.25 billion<\/li>\n<li>Defence \u2013 Rs2,122 billion<\/li>\n<li>Interior Division \u2013 Rs9 billion<\/li>\n<li>Petroleum Division- Rs3 billion<\/li>\n<li>Telecommunication \u2013 Rs28 billion<\/li>\n<li>\u00a0SUPARCO \u2013 Rs35 billion<\/li>\n<li>Railway Division \u2013 Rs43 billion<\/li>\n<li>Revenue Divison \u2013 Rs17 billion<\/li>\n<li>Water Resources \u2013<\/li>\n<li>Quaid-e-Azam Health Tower in Islamabad \u2013 Rs5 billion<\/li>\n<li>Development projects in the poorest districts \u2013 Rs7 billion<\/li>\n<li>Karakoram Highway project \u2013 Rs6 billion<\/li>\n<li>Digitalization of the national economy \u2013 Rs4 billion<\/li>\n<li>Establishment of Danish school in Islamabad \u2013 Rs2 billion<\/li>\n<li>Establishment of 7 Danish schools in Azad Kashmir and Gilgit-Baltistan \u2013 Rs5 billion<\/li>\n<\/ul>\n<h3><strong>Defence<\/strong>\u00a0Allocation<\/h3>\n<p>In the federal budget, Rs2,122 billion has been reserved for defense. It reflects a 19.29 percent increase as the allocation for fiscal year 2023-24 was Rs1,804 billion.<\/p>\n<p>The federal government had allocated Rs920 billion in the federal budget for 2017-18, Rs1,100 billion in 2018-19, Rs1,153 billion in 2019-20, Rs1,289 billion in 2020-21, Rs1,370 in 2021-22 and Rs1,563 billion in the budget for 2022-23.<\/p>\n<h3>Energy Sector allocation<\/h3>\n<p>Referring to the energy projects, the minister said Rs21bn has been allocated for a 600 MW power plant in Jamshoro, Rs14bn for a 500 kV transmission line in Lahore, Rs18bn for the Karachi Coastal Power Project, and Rs45bn for the Mohmand Dam Hydro Power Project.<\/p>\n<h2><strong>Budget targets for FY 2024-25<\/strong><\/h2>\n<ul>\n<li>GDP \u2013 3.6%<\/li>\n<li>Economic Development \u2013 3.6%<\/li>\n<li>Minor crop \u2013 4.3%<\/li>\n<li>Cotton \u2013 2.3%<\/li>\n<li>Live stock \u2013 3.8%<\/li>\n<li>Forest \u2013 3.1%<\/li>\n<li>Education progress \u2013 3.5%<\/li>\n<li>Mining \u2013 5%<\/li>\n<li>Industrial progress \u2013 4.4%<\/li>\n<li>Service sector \u2013 4%<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: Finance Minister Muhammad Aurangzeb presented the federal budget for the fiscal year 2024-25 on Wednesday. The key targets of Budget 2024-25 include targeting GDP growth at 3.6 percent, inflation at 12 percent and budget deficit at 5 percent of GDP. The government aims to increase revenue, reduce unnecessary expenditure and shift towards a market-driven [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":39497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,13446],"tags":[16180,18468,18511,18512],"class_list":["post-39496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","tag-budget-2024-25","tag-federal-budget-2024-25","tag-gdp-growth","tag-highlights-from-budget-2024-25"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=39496"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39496\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/39497"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=39496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=39496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=39496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}