BISP budget increased by Rs40b

The federal government has increased the Benazir Income Support Programme (BISP) budget by 25% to Rs450 billion as compared to the outgoing year's allocation of Rs360 billion.

The government had already increased the budget allocated for the programme to Rs400 billion during the outgoing fiscal year, reflecting an increase of 12.5%.

The BISP is a flagship programme of the government and implements various schemes for the welfare of downtrodden segments.

During the fiscal year 2023-24, 9.3 million families will be provided quarterly assistance of Rs8,750 under the Benazir Kafalat Scheme for which Rs364 billion has been allocated. The amount is expected to be further increased due to inflation rate.

The scope of Benazir Education Stipends has been increased from six million children (52 per cent girls) beneficiaries to 8.3 million children with an allocation of Rs55 billion.

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As many as 92,000 students will be given Benazir Undergraduate Scholarships through Rs6 billion while the number of Benazir Nashonuma programme beneficiaries has been increased up to 1.5 million through Rs32 billion.

A total of Rs35 billion has been allocated for providing targeted subsidy to the deserving people on rice, sugar, pulses and ghee.

The government has also withdrawn 10 per cent regulatory duty on the import of second-hand clothes, which are purchased by low-income people most of the time.

A new micro deposits scheme will be started from July 1, 2023 for low-income groups through the National Savings Centres (NSC) with more profit ratio.

The facility for opening digital accounts will also be available for the users.