National Assembly passes Finance Bill 2023 with outlay of Rs.14.48 trillion with majority vote
Budget 2023-24 focuses on economic stability, sustainable & inclusive growth as well as curbing inflationary pressures
NA approves 54 supplementary demands for grants pertaining to various ministries for the fiscal year 2021-22
ISLAMABAD ( Web News )
The National Assembly on Sunday passed the Finance Bill 2023 with certain amendments to give effect to the financial proposals of the federal government for the year beginning on the 1st July, 2023.
Having a total outlay of 14.48 trillion rupees, the budget 2023-24 focuses on economic stability, sustainable and inclusive growth as well as curbing inflationary pressures.
The budget envisages the federal Public Sector Development Programme (PSDP) worth 1150 billion rupees, which is the highest ever in terms of its size, reflecting the government’s commitment to improve people’s standard of living.
The economic growth of 3.5 has been targeted for the next fiscal year. The revenue collection target of FBR has been revised up to 9.415 trillion rupees.
The budget encompasses special initiatives for the uplift of agriculture, industries, and IT sectors, besides, relief for various segments of society including the salaried class. Agriculture credit limit has been enhanced from 1800 billion rupees to 2,250 billion rupees. 30 billion rupees have been earmarked for shifting 50 thousand agriculture tube wells to solar energy. All taxes and duties on import of quality seeds have been abolished.
Under the budget, the IT and IT-enabled service providers have been allowed to import software and hardware equal to one percent of their exports without any tax. The limit of these imports will be fifty thousand dollars annually.
Ten billion rupees have been earmarked for the Prime Minister’s Youth Business and Agriculture Loans scheme.
The budget also includes 35 percent ad-hoc relief allowance for the employees of grade 1 to 16, while 30 percent ad hoc relief for the employees of scale 17 and above. The pension has been increased by 17.50 percent. The minimum wage has been increased to 32000 rupees from 25000 rupees.
Besides, 1804 billion rupees have been set aside for defence affairs and services.
According to media reports, Foreign Minister Bilawal Bhutto Zardari, his father Asif Ali Zardari and the Leader of the Opposition, Raja Riaz Ahmed Khan, were also absent.
At the outset of the session, Finance Minister Senator Mohammad Ishaq Dar had defended the government’s move to implement various reforms in the pensions scheme.
“If someone has a job on a contract then he will have to choose between the two pensions. This should’ve been corrected a long time ago,” he said. “It is a matter of principle that you have the right to one pension.”
He said that when a pensioner died, their widowed spouse would receive the stipend. But once the spouse died, their dependents would get the pension for 10 years after which it will end, he said.
“Our pension bill went to Rs800bn in this budget. It is a huge amount. It used to be half a few years ago,” Ishaq Dar said, adding that these reforms were the need of the time.
Describing agriculture as the driver of growth, the Finance Minister said the country has stocks of DAP fertilizer to meet the requirements of farmers. He said the government has provided subsidy to the farmers on the DAP.
Taking the floor, Minister for Communications Maulana Asad Mahmood said periodic maintenance work on Peshawar to Lahore G.T. Lahore has been started to ensure smooth flow of traffic on it.
He said over fifty projects of road infrastructure have also been included in the budget 2023-24.
Asad Mahmood said the Pakistan Post has been brought out of deficit and its ranking has also improved to fifty-four from sixty-two over the last one year.
During the session, Jamaat-e-Islami lawmaker Maulana Abdul Akbar Chitrali moved a resolution to send the budget to the Council of Islamic Ideology (CII). He contended that the budget was based on a “system of interest”, adding that by accepting it the government was going against the directives of the Federal Shariat Court (FSC).
“Not taking the CII’s opinion on the finance bill will be a violation of the FSC’s decision,” he said.
Minister for Economic Affairs Sardar Ayaz Sadiq opposed the move, saying that parliamentarians had to go for Hajj and called for wrapping up budget proceedings. Speaker National Assembly Raja Pervaiz Ashraf put the resolution up for vote after which the resolution was rejected.
The finance minister then presented the budget for the new fiscal year with amendments for clause by clause approval. Maulana Abdul Akbar Chitrali’s proposed amendment was also accepted, under which the chairman of standing committees would be allowed cars up to 1,200cc.
Meanwhile the National Assembly on Sunday approved 54 supplementary demands for grants pertaining to various ministries for the fiscal year 2021-22 and 30 supplementary demands for grants for the outgoing fiscal year.
These were moved by Finance Minister Senator Mohammad Ishaq Dar.
Meanwhile, fifteen excess demands for grants pertaining to various ministries for the year 2021-22 were also approved by the house.
Finance Minister Ishaq Dar also laid before the house the Schedule of Authorized Expenditure 2023-24, Supplementary Schedule of Authorized Expenditure 2021-22 and 2022-23 and Excess Schedule of Authorized Expenditure 2021-22.