2 days ago
- Business
- Business Recorder
Finance Minister Aurangzeb presents federal budget 2025-26
Finance Minister Muhammad Aurangzeb is currently presenting the federal budget for the upcoming fiscal year 2025-26, as the coalition government seeks to revive the economy, meet the International Monetary Fund (IMF) measures and provide some relief to the tax-weary masses.
The budget, expected to have an estimated outlay of Rs17.6 trillion, comes at a time when the global economy remains engulfed in uncertainty fueled by new trade tariffs being imposed by the United States.
Finance Minister Aurangzeb, who is delivering his second budget speech in the National Assembly, will also lay the Finance Bill 2024 in the Senate on the same day, as required under Article 73 of the Constitution.
Ahead of the budget address, the federal cabinet approved the budget proposals for the next fiscal year (2025-26).
Some areas of interest:
GDP growth target
External financing estimates
Taxation on the salaried group
PSDP size and focus
Broadening the tax base
Defence budget
The budget comes a day after the government missed its GDP growth target of 3.6% in the outgoing fiscal year, posting a figure of 2.7%, as revealed in the Economic Survey 2024-25.
However, Aurangzeb, during his press briefing while unveiling the Pakistan Economic Survey 2023-24, highlighted a strong 4.8% rebound in industrial activity, pushing the economy's size to $411 billion for the first time and raising per capita income to $1,824.
