ISLAMABAD: The government, Friday unveiled Rs 4.451 trillion budget for the year 2015-16, focusing on growth acceleration, reduction in fiscal deficit, raising tax revenues, measures to overcome energy shortage, providing relief to businessmen and common man.
Delivering the budget speech here in the National Assembly, Finance Minister Mohammad Ishaq Dar said the economic performance of the government during last two years was unparallel in the history of democratic governments.
“This has been made possible by sound economic policies, first announced in the PML-N manifesto for election 2013 and then incorporated in the budget 2013-14, which were steadfastly followed,” he added.
Dar said in June 2013 the government had a clear road-map of three objectives. These were to prevent Pakistan from default in 2014, achieving macroeconomic stability by June 2015 and promoting an inclusive economic growth for creation of job opportunities and providing resources to alleviate poverty from third year onward.
“We formulated policies and programmes to achieve these objectives and never hesitated in taking difficult decisions, no matter how unpopular but were critical for the economic revival. The economy has now stabilized and is poised to grow at an accelerating rate.”
The minister said the economic growth during the outgoing year was provisionally recorded at 4.24 percent compared to the revised estimate of 4.03 percent last year.
He said the output of large-scale manufacturing had been affected due to gas and electricity shortages, despite improvement in their supplies whereas credit to private sector had grown at a slower pace as commercial banks continued to lend to the government.
He said Per Capita Income, which stood at $1384 last year, had increased to $1512, showing growth of 9.3 percent, while inflation was recorded at 4.6 percent for July-May 2014-15, the lowest in 11 years.
“FBR revenues were up by 16.4 percent during 2013-14 and have risen by nearly 13 percent in the first 11 months of 2014-15 and are expected to close at 15 percent by the year end.”
He said the government was going to achieve the 5 percent target of fiscal deficit in the current year.
