1. Federal Government
Shahbaz Sharif government announced its first federal budget for the year 2024–2025. This budget has been formulated to meet the economic needs of Pakistan and at the same time promotes growth, social welfare as well as sustainability. This budget has been slated in line with the International Monetary Fund (IMF) guidelines so as to achieve national financial goals and solve economic problems.
2. Objectives IMF
The budget is framed according to the conditions set by IMF to stabilize the economy. So, one of the main concerns for Federal Board Of Revenue (FBR) is to collect Rs 3.5 trillion tax from taxpayers The FBR collected direct taxes reaching at Rs 34 billion between July and November for the first time since setting this tax collection target under IMF agreement.
3. Top Allocations and Investments
Enhance (via the interventions presented in] this plan) supports for broad-based economic growth and improved social services. These investments designed to lighten the purse of citizens, aiding growth:-
1. Health care and Medicare: $2.8 billion
which has been over time designed to improve the national healthcare system. It involves making better medication available, incorporating mental health services and improving healthcare facilities.
2. Tax Reductions:
— BERNAMA picKUALA LUMPUR, Oct 29 — The government aspires to help lighten the financial burden of 13.6 million taxpayers in dealing with rising living expenses; and… At the launch of Budget 2024-25, this was one of the main features wherein citizens can avail tax relief to make things a bit easier for them.
3. Renewable Energy Investments:
Renewable Energy Investments The government set aside $65 billion for renewable energy.
4. Support for Small Businesses:
The budget includes a $20,000 investment for small businesses and requires a June 30, 2025 completion date. This is aimed to benefit the entrepreneurs and get things working for them.
5. Educational Upgrades:
Investing $1.6 billion in education spent on developing a strong educational backbone for the country Special programs which target women and other marginalised communities to ensure their education at par as well in the development of skills.
6. Fuel Price Increase:
In view of the rise in global oil prices, the price per liter increased by Rs 20 to Rs 25. It might put pressure on consumers but we left with no other options as it helps in serving the international price instability which seek our economy not to float.
Four Main Objectives of the Budget 2024-25
4. Key objectives government
1. Debt-to-GDP Ratio:
The focus for the budget is on increasing government debt to GDP levels into more sustainable territory. And it is necessary as part of a plan for Financial Freedom over the long term.
3. Strong Policy Framework
He said a strong policy framework complements economic and social policies, anchoring the actions of government in sound planning.
5. Enhance Your IT Skills and Education
The federal government will invest in building IT skills nationwide. These initiatives will also complement the ongoing education reforms to enhance technological ability of Pakistan and prepare future workforce for digital age
5.Division of Resource allocation b/w Federation and provinces
According to the constitutional framework of resource allocation in a federal democratic country Pakistan. As per the Article 160 of the Constitution of Pakistan, it is a function to recommend distribution of financial resources between federal government and provinces. So it has a term of 5 years, with the mandate to look after the needs of provinces on equal footing for these 5 years.
The NFC principles require that sufficient resources allocated to both the Federal government and provinces as a part of 2024-25 budget. This balance of power between the central government and the states is absolutely essential to maintain national unity, as well as ensure sustained growth.
6.Energy and Climate Initiatives
Perhaps the most striking aspect of this budget is its focus on renewable energy and sustainability. The $65 billion investment to build renewable energy projects are key towards reducing Pakistan’s dependence on fossil fuels. The government also wants to make significant investments in the development and utilization of new technologies for clean energy, including ones that support efforts to reduce greenhouse gas emissions and respond to climate change. The investments matched with worldwide trends, where nations globally move towards a more sustainable energy system.
7. نتیجہ
The budget for 2024-25 of the government formed by Shahbaz Sharif is an inclusive document to tackle economic challenges faced by Pakistan alongwith ensuring growth, sustainability and social welfare. Care and education, clean energy — this is an IT-Itehad budget for a better tomorrow. This is a budget that has followed the IMF prescription and kept its focus on fiscal responsibility for longterm financial stability of this nation.
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