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Key highlights of Budget 2024-25

highlights of Budget 2024-25
highlights of Budget 2024-25

Table of Contents

Key Highlights of Budget 2024-25

The Budget for the fiscal year 2024-25 has been announced, bringing with it a series of significant measures aimed at bolstering economic growth, improving public welfare, and ensuring fiscal responsibility. Here are the key highlights of the Budget 2024-25 that you need to know:

Economic Growth and Stability

  • GDP Growth Target: The government has set an ambitious GDP growth target of 5.5%, reflecting confidence in the economic recovery and resilience.
  • Inflation Control: Measures have been introduced to control inflation, with a target to keep it under 6% through monetary policy adjustments and supply chain improvements.

Taxation Reforms

  • Income Tax Relief: Tax relief has been provided to middle-income earners by raising the income tax exemption limit, offering much-needed respite to the salaried class.
  • Corporate Tax: The corporate tax rate has been reduced from 30% to 28% to encourage business expansion and attract foreign investments.
  • Sales Tax Adjustment: A uniform sales tax rate of 15% has been implemented across various sectors to simplify the tax system and reduce evasion.
200 Prize Bond Draw no 98 at RAWALPINDI 17 June 2024
200 Prize Bond Draw no 98 at RAWALPINDI 17 June 2024

Public Welfare and Social Safety Nets

  • Health and Education: Significant budget allocations have been made for the health and education sectors, with a 20% increase in funding for public hospitals and schools.
  • Social Protection Programs: Expansion of social protection programs, including the Benazir Income Support Program (BISP), with an increased budget to support vulnerable populations.
  • Housing Initiatives: Introduction of affordable housing schemes and increased funding for low-cost housing projects to address the housing shortage.

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 Infrastructure Development

  • Transportation: Allocation of substantial funds for the development of transportation infrastructure, including highways, railways, and ports, to enhance connectivity and trade.
  • Energy Sector: Investments in renewable energy projects and the upgradation of existing power plants to ensure a stable and sustainable energy supply.
  • Water Management: New projects for water conservation and management to address water scarcity and improve agricultural productivity.

Industry and Agriculture

  • Agriculture Subsidies: Increased subsidies for fertilizers, seeds, and agricultural machinery to support farmers and boost agricultural productivity.
  • Industrial Growth: Introduction of special economic zones (SEZs) and incentives for industries to promote industrial growth and export diversification.

Digital Economy and Innovation

  • Technology Investment: Significant investments in the digital economy, including the development of IT infrastructure and support for tech startups.
  • E-Governance: Implementation of e-governance initiatives to enhance transparency, efficiency, and public service delivery.

Fiscal Responsibility

  • Deficit Reduction: A comprehensive plan to reduce the fiscal deficit to 4% of GDP through prudent expenditure management and increased revenue generation.
  • Debt Management: Strategies for effective debt management to ensure long-term economic stability and reduce the debt-to-GDP ratio.

Conclusion

The Budget 2024-25 presents a forward-looking approach aimed at economic revival, social welfare, and sustainable development. With its focus on growth, stability, and inclusivity, this budget lays the foundation for a prosperous future.

highlights of Budget 2024-25
highlights of Budget 2024-25

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