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Express Tribune
13 hours ago
- Business
- Express Tribune
Govt to release Pakistan Economic Survey 2024–25 today
Listen to article Pakistan will unveil its Economic Survey 2024–25 on Monday (today), a key pre-budget document assessing the country's economic performance and policy priorities. The survey will be presented by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, according to a statement by the Ministry of Finance. Serving as an annual stocktake, the Economic Survey outlines achievements, challenges, and key trends in the outgoing fiscal year across major sectors including agriculture, manufacturing, services, energy, information technology, health, education, and infrastructure. READ MORE: ADB approves $800m financial package for Pakistan It will also feature updates on inflation, employment, trade, balance of payments, public debt, and climate change impacts, offering a comprehensive view of macroeconomic indicators to inform public debate and policymaking. The document highlights that the GDP growth for 2024–25 has been recorded at 2.7%, with a target of 4.2% set for the upcoming fiscal year. The survey also points to a 30.9% rise in remittances between July 2024 and April 2025, and notes that the current account remained in surplus during this period. Fiscal performance showed marked improvement. The fiscal deficit declined to 2.6% of GDP, while the primary balance recorded a surplus of 3%, reflecting tighter fiscal discipline. Policy interest rates were reduced to 11% amid signs of economic stabilisation and improving fundamentals. Private sector credit expanded, with loans worth Rs681 billion disbursed between July 2024 and May 2025. The Annual National Development Programme (ANDP) for 2024–25 received a total allocation of Rs3,483 billion. Of this, Rs1,100 billion was earmarked for federal projects, and Rs2,383 billion for provincial initiatives. The National Economic Council (NEC) acknowledged signs of recovery, attributing improvements to coordinated federal and provincial efforts. It credited the agriculture sector for its strong contribution to reserves and growth, adding that a comprehensive strategy is being prepared to boost long-term agricultural productivity. The survey is expected to lay the groundwork for the federal budget and shape Pakistan's future economic roadmap. READ MORE: Budget delayed by a week The federal government is set to unveil its fiscal year 2025–26 budget on June 10 evening after securing approval from the federal cabinet in a special session chaired by Prime Minister Shehbaz Sharif. The budget, finalised in consultation with the International Monetary Fund (IMF), is expected to range between Rs17.5 trillion and Rs18 trillion. The document will be presented in Parliament following cabinet approval. Budget schedule approved Speaker of the National Assembly, Sardar Ayaz Sadiq, has approved the schedule for the upcoming National Assembly sessions. The Federal Budget 2025–26 will be presented on June 10. The House will observe recess on June 11 and 12, with the general debate on the budget beginning June 13. The discussion will continue until June 21, and all parliamentary parties will be allocated time to contribute in accordance with Assembly rules and procedures. Key measures include proposed increases in public sector salaries and pensions. Three options are under consideration: a 10% raise aligned with inflation, a 30% disparity allowance for grades 1 to 16, and tax relief on government salaries. The budget sets the Federal Board of Revenue's (FBR) tax collection target at Rs14.3 trillion, including Rs6.47 trillion in direct taxes, Rs4.94 trillion from sales tax, Rs1.74 trillion from customs duties, and Rs1.15 trillion from federal excise duties. Non-tax revenue is estimated at Rs2.58 trillion. Debt servicing remains the largest expenditure, with Rs8.68 trillion allocated, followed by Rs2.41 trillion for defence. Federal development spending is projected at Rs1.06 trillion under the Public Sector Development Programme (PSDP). In a push for industrial growth, duties may be reduced on over 7,000 tariff lines, primarily affecting raw materials and capital goods. The government is also expected to remove the additional 2% customs duty on 4,294 tariff lines. The upcoming budget may include a scheme to provide energy-efficient ceiling fans on instalments via electricity bills, aimed at curbing power consumption. These fans would be offered interest-free, with payments spread out through utility bills. READ MORE: UN projects Pakistan economy to grow by 2.3% President urges efforts to strengthen economy Meanwhile, President Asif Ali Zardari on Monday, while highlighting the country's vast potential for development, called for unified and determined efforts to build a robust and self-reliant national economy. In a meeting with Pakistan Peoples Party leaders and workers at Aiwan-e-Sadr on the occasion of Eid ul-Azha, the president extended Eid greetings and praised party workers as the backbone of the party, commending their unwavering commitment during testing times. He urged them to stay devoted to the nation and play a proactive role in its development. Emphasising agriculture as the cornerstone of the national economy, the president called for prioritising its growth and supporting farmers to strengthen the economic base. Commenting on regional issues, President Zardari expressed concern over rising extremism in India. He noted that minorities, particularly Muslims and Christians, were facing increasing discrimination and suppression under the extremist Hindutva ideology, which he warned posed a threat to the entire region. He also reaffirmed the historical, religious, and cultural legacy of Muslims in the subcontinent.
Time of India
06-05-2025
- Politics
- Time of India
Special cabinet meet in Ahilyadevi's birthplace clears Rs5,500 crore for temples' restoration
Pune: Projects worth over Rs5,500 crore — mostly for renovation and restoration of holy places like Tulja Bhavani, Jyotiba, Trimbakeshwar and Mahalakshmi temples — were cleared from the special cabinet held on Tuesday at the Maratha warrior queen Ahilyadevi Holkar 's birthplace, Chondi village in Ahilyanagar district, on the occasion of her tricentenary birth govt approved Rs681 crore for the conservation and renovation of the Ahilyadevi Holkar memorial in Chondi. "The cabinet meeting in Chondi is an initiative of state govt to honour the contribution of Ahilyadevi Holkar. The govt will take several initiatives throughout the tricentenary year. Her memorial will be renovated in such a manner that several generations will derive inspiration from it," Fadnavis said after the cabinet cabinet also approved the development plans for various temples, pending for some time. It includes Rs1,865 crore for Tulja Bhavani temple, Rs259 crore for Jyotiba temple, Rs275 crore for Trimbakeshwar temple, Rs1,445 crore for Mahalakshmi temple, Rs829 crore for Mahurgad holy place and Rs147 crore for the renovation of all Ashtavinayak Ganapati said, "Ahilyadevi made efforts to restore the temples destroyed by invaders. Taking inspiration from her, our govt is attempting to renovate temples in the state and that is why the cabinet approved projects worth Rs5,503 crore for restoration and renovation of temples (and Ahilyadevi Holkar memorial)," Fadnavis the first time ever, a special cabinet was held in a rural part of the state on Tuesday. Along with the cabinet ministers, bureaucrats and govt departments' officials travelled to Chondi village. Chief minister Fadnavis, both the deputy chief ministers Eknath Shinde and Ajit Pawar, along with other cabinet ministers, visited the Ahilyadevi Holkar memorial before the cabinet meeting and paid tribute to chief minister announced a new govt medical college would be set up in Ahilyanagar and named after Ahilyadevi. He said, "Our govt has announced the setting up of at least one govt medical college in each district. In the last tenure of Mahayuti, we could set up 10 colleges in two-and-a-half years. Only Ahilyanagar district was left without a medical college. Today (Tuesday), we have given approval for the college in the district."The cabinet also decided to provide education to 10,000 students from the Dhangar community under the Yashwant Vidyarthi scheme in reputed schools. "The govt has decided to set up one hostel each for boys and girls from the Dhangar community in every division of the state. In the first phase, these hostels will be set up in Pune and Nagpur," the chief minister added.
Time of India
06-05-2025
- Politics
- Time of India
Special cabinet in Ahilyadevi's birthplace clears Rs5,500 crore for temples' restoration
Pune: Projects worth over Rs5,500 crore — mostly for renovation and restoration of holy places like Tulja Bhavani, Jyotiba, Trimbakeshwar and Mahalakshmi temples — were cleared from the special cabinet held on Tuesday at the Maratha warrior queen Ahilyadevi Holkar 's birthplace, Chondi village in Ahilyanagar district, on the occasion of her tricentenary birth year. Tired of too many ads? go ad free now The govt approved Rs681 crore for the conservation and renovation of the Ahilyadevi Holkar memorial in Chondi. "The cabinet meeting in Chondi is an initiative of state govt to honour the contribution of Ahilyadevi Holkar. The govt will take several initiatives throughout the tricentenary year. Her memorial will be renovated in such a manner that several generations will derive inspiration from it," Fadnavis said after the cabinet meeting. The cabinet also approved the development plans for various temples, pending for some time. It includes Rs1,865 crore for Tulja Bhavani temple, Rs259 crore for Jyotiba temple, Rs275 crore for Trimbakeshwar temple, Rs1,445 crore for Mahalakshmi temple, Rs829 crore for Mahurgad holy place and Rs147 crore for the renovation of all Ashtavinayak Ganapati temples. Fadnavis said, "Ahilyadevi made efforts to restore the temples destroyed by invaders. Taking inspiration from her, our govt is attempting to renovate temples in the state and that is why the cabinet approved projects worth Rs5,503 crore for restoration and renovation of temples (and Ahilyadevi Holkar memorial)," Fadnavis said. For the first time ever, a special cabinet was held in a rural part of the state on Tuesday. Along with the cabinet ministers, bureaucrats and govt departments' officials travelled to Chondi village. Tired of too many ads? go ad free now Chief minister Fadnavis, both the deputy chief ministers Eknath Shinde and Ajit Pawar, along with other cabinet ministers, visited the Ahilyadevi Holkar memorial before the cabinet meeting and paid tribute to her. The chief minister announced a new govt medical college would be set up in Ahilyanagar and named after Ahilyadevi. He said, "Our govt has announced the setting up of at least one govt medical college in each district. In the last tenure of Mahayuti, we could set up 10 colleges in two-and-a-half years. Only Ahilyanagar district was left without a medical college. Today (Tuesday), we have given approval for the college in the district." The cabinet also decided to provide education to 10,000 students from the Dhangar community under the Yashwant Vidyarthi scheme in reputed schools. "The govt has decided to set up one hostel each for boys and girls from the Dhangar community in every division of the state. In the first phase, these hostels will be set up in Pune and Nagpur," the chief minister added.
