Rs18tr budget set to be unveiled on June 12
Sources said that the federal budget deficit amounted to nearly Rs3.2 trillion, or 3% of gross domestic product, during the first seven months of FY24. Photo: file
The federal government is set to present the budget for the financial year 2024-25 on June 12. The total outlay of the budget is around Rs18 trillion.
The federal government will table the budget for FY24-25 in parliament after seeking approval from the cabinet. The cabinet meeting will also make a decision over an increase in salaries and pensions for government employees.
Before tabling the budget in parliament, approval will be sought from the Economic Coordination Committee on June 10 for the PSDP and annual development funds for the next fiscal while the National Economic Survey for the current financial year will be presented on June 11.
The minister of state for finance confirmed that the budget would be tabled on June 12, adding the schedule for presenting the budget was changed due to the prime minister’s visit to China.
The sources said the proposals for slapping Rs3 trillion additional tax and increasing GST from 18% to 19% are also under consideration.