ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has presented fifth consecutive budget of present government. The budget outlay for fiscal year 2017/2018 pitched at Rs.5,310 billion with estimated deficit of 4.1 percent
The finance minister on floor of the house presented estimated for budget 2017/2018, which includes FBR tax estimate of Rs.4,013 billion as compared to revised estimate of Rs.3,521 billion.
As compared to revised estimates of FY 2016-17 the total revenue is being increased by 12.1 percent. While the FBR tax revenue is estimated to increase by 14 percent;
Out of the total revenues, the provincial governments share is estimated to be Rs.2,384 billion as compared to Rs.2,121 billion revised estimates for 2016-17, showing an increase of about around 12.4 percent. These resources will be utilized by the provincial governments in enhancing human development and security of the people.;
After transfer to provincial governments, the net revenue of the Federal Government is estimated at Rs.2,926 billion in 2017-18 as compared to revised estimates of Rs.2,616 billion in the current financial year.
Total expenditure for FY 2017-18, is budgeted at Rs.4,753 billion compared to the revised estimates of Rs.4,256 billion for 2016-17, showing an increase of 11.7 percent. Out of the total expenditure highest increase is accorded to the development budget.
The defence budget is proposed at Rs.920 billion against the revised budget of Rs.841 billion in the FY 2016-17;
He said that the PSDP budget is being increased from revised estimates of Rs.715 billion to Rs.1,001 showing a 40 percent increase;
The result of the above revenue and expenditure estimates is that the budget deficit will be reduced to 4.1 percent of GDP as opposed to 4.2 percent of GDP of revised budget estimate in the financial year in 2016-2017.
