Federal Budget 2023-24: A True Reflection Of People, Govt Employees' Aspirations

PESHAWAR, (UrduPoint / Pakistan Point News - 10th Jun, 2023 ) :In spite of tough economic, financial, and climate change challenges, the federal government has presented a historic budget for the financial year 2023-24 by providing maximum relief to all segments of society including government employees, pensioners, laborers, and industries, thus laid a strong foundation to quickly turnaround the national economy and achieve economic prosperity.

Following massive losses to agriculture, livestock, fisheries, and forestry sectors by the last year's devastating floods in Pakistan and global economic recession, the federal government came up with the people and farmers' expectations by announcing a mega development and relief package for the uplift of agriculture-related industries, which is being widely appreciated in KP.

Shah Zaman, General Secretary, of KP Beekeepers Association on Saturday welcomed the abolishment of all taxes on imports of agricultural machinery, custom duties, and taxes on import of quality seeds and Rs30 billion allocation for shifting 50,000 tub wells on the solar energy that would help bring green and white revolution in Pakistan.

"The beekeepers were adversely affected by the last year's catastrophic flooding in Khyber Pakhtunkhwa where many bees boxes and precious "Ber tree and Palosa" honey were wasted by the gushing water," he recalled.

Shah Zaman suggested the plantation of "ber tree and palosa" by imposing a complete ban on the cutting of these trees to promote beekeeping and increase honey production in Khyber Pakhtunkhwa.

Welcoming an increase in agricultural loans to Rs2250 billion, he said that allocation of Rs5 billion loans for agro-based industries besides abolishment of customs duties on invertor solars panels would help increase wheat, sugarcane, rice, and edible oil production in Pakistan.

Zahid Shinwari, former President, of the Sarhad Chamber of Commerce and Industry (SCCI) said that there are many good measures were announced in the budget 2023-24 focusing on the uplift of agriculture, seeds, and mechanization, IT-enabled exports, providing much-needed financial relief to the price hike-stricken employees and pensioners besides women SMEs.

He said the reduction in minimum tax on listed companies is the right step, adding our economic challenges call for bold action to address the country's inherited economic problems.

Shinwari underlined the need for expanding the tax net, investing in education and human development, managing the mounting fiscal deficit, and foreign loan burdens, and creating an enabling business environment imperative for economic revitalization.

He said Pakistan can prosper only if we generate higher exports and equitable tax revenues from real estate, agriculture, IT, textile, and retail sectors.

He said KP was located relatively in a disadvantageous location because of the long distance from the seaport and businessmen of KP will derive confidence by reducing gas and electricity bills on industries besides relief in taxation.

He said that the economic growth target fixed at 3.5% for the fiscal year 2023-24 was an achievable subject to the broadening of the tax base, incentives to expatriate Pakistanis, and increasing exports.

Riazul Haq, former Vice President, of All Primary Teachers Association KP, welcomed an increase in salaries of the government employees up to 35% and pension by 17.5% and declared it a big relief in the budget 2023-24.

The enhancement of salaries of federal government employees of grades 1-16 by 35% and 30% for those above grade 17 would help combat price hikes and inflation.

The Pay and Pension Commission had recommended the government consider a 100% increase in medical and conveyance allowances for employees along with a 10% increase in ad hoc allowances.

He said an increase of minimum pension to Rs12,000 while EOBI pension to Rs10,000 has sparked widespread jubilation among employees of the Workers Welfare Fund.

The payment of debts of widows up to Rs1 million through the House Building Finance Corporation (HBFC) and an increase of deposit limit in national savings accounts for martyrs from Rs 5 million to Rs7.5 million was historic. The limit for Behbud Savings Certificate has also been increased from Rs 5 million to Rs 7.5 million.

Ikhtair Wali Khan, former MPA and spokesman of PMLN KP told APP that the Government has presented a historic budget that encompassed a complete economic program and road map for national progress and development.

He said the incentives were given to Information Technology and agriculture sectors to create job opportunities for youth.

Wali said huge allocations were also announced for the promotion of the education and health sectors for people's well-being.

He said the PTI government budgets had lacked any vision for the progress and development of the country, adding the sole purpose of the previous PTI government seemed to shatter the social cohesion and that no solid steps were taken for economic stabilization in the previous Government.

He said the PTI government had been exposed after it suspended the IMF program following its flawed economic policies and has plunged the countries under the burden of a huge loan.

Welcoming an increase of minimum wage to Rs32,000 in the budget 2023-24, contractor and property dealer, Wisal Khan and Bricklin laborers Amjad Khan and Saif Ali termed an increase in the minimum wage by 32,000 would help financially hundreds of thousands of laborers in Khyber Pakhtunkhwa.

The journalist's body bearers of Khyber Pakhtunkhwa also welcomed the allocation of Rs 1 billion in the budget 2023-24 for health insurance of working journalists and media workers.

Riaz Khan, former President of Peshawar Press Club said that health insurance was the long-awaited demand of the working journalists and media workers that was fulfilled in the budget by the Federal Government.

The civil society and people of all walks of life praised the increase in allocation of the Benazir Income Support Programme from Rs400 billion to Rs450 billion, Rs10 billion for provisions of 100,000 laptops for students, and exemption of custom duty on import of raw material for batteries, solar panels, and inverters were widely hailed in Khyber Pakhtunkhwa.

They also hailed the Federal Government's decision to exempt erstwhile FATA and PATA from taxes for the fiscal year 2023-24.