The details of the annual plan for the next fiscal year have been obtained, setting a gross domestic product (GDP) growth target of 4% and estimating inflation at 8.2%.
The annual plan sets a growth target of 3.8% for the agricultural sector and 4.5% for the industrial sector. Investment is projected at 15% of GDP.
Exports are targeted at $32.9 billion, while services exports are projected at $11.3 billion. Imports are estimated at $70 billion, and remittances are expected to reach $42.4 billion during the next fiscal year.
Details of major and priority development projects have also emerged, covering dams, highways, health and education schemes.
The annual plan allocates Rs26 billion for the Mohmand Dam Hydropower Project and Rs21 billion for the Dasu Hydropower Project. A further Rs10 billion has been earmarked for the Karachi Bulk Water Supply Project.
The plan sets aside Rs22 billion for Daanish Schools and Rs3 billion for the Prime Minister’s Health Programme.
A proposal has been made to allocate Rs100 billion for the N-25 Quetta project.
The Sukkur-Hyderabad Motorway has been allocated Rs30 billion, while Rs25 billion has been earmarked for the ML-1 railway project.
The annual plan also recommends allocations of Rs25 billion for the Sindh Coastal Highway and Rs21 billion for the Mehran Highway.
Govt sets target of planting 11.3 million trees next year
The government has set a target of planting 11.3 million trees during the next year, according to budget documents.
Moreover, the annual plan for the next financial year, sets a target of adding 3,787 megawatts to electricity generation in the national grid. A total of Rs151 billion has been allocated from the Public Sector Development Programme (PSDP) for the power sector.
For water resources, Rs74.92 billion has been earmarked under the PSDP for the next financial year. The government has set a target of increasing water availability from 63.5 million acre-feet to 84.2 million acre-feet, while water storage capacity is planned to rise from 13.5 million acre-feet to 23.5 million acre-feet.
Federal cabinet approves budget for next financial year
A special meeting of the federal cabinet was held under the chairmanship of Prime Minister Shehbaz Sharif. The federal cabinet has approved the federal budget for the next financial year.
Sources said deliberations continued on proposals concerning increases in the salaries and pensions of government employees. A majority of cabinet members called for salary increases in line with the rate of inflation, sources added.
The budget proposals were reviewed during the special cabinet meeting ahead of the formal presentation of the federal budget.
