Govt Unveils Rs 2.709 Trillion National Development Budget

ISLAMABAD, Jun 9 (UrduPoint / Pakistan Point News - 9th Jun, 2023 ) :Pursuing an approach of balanced development across the country, the Federal Government on Friday revealed Rs 2.709 trillion Public Sector Development Programme (PSDP) for the fiscal year 2023-24, with a special focus on bridging infrastructure gaps and improving human and social development indicators.

The National Economic Council (NEC) in its meeting held on June 06, approved National Development Outlay for 2023-24 at Rs 2.709 trillion, including Federal and VGF PSDP at Rs 1,150 billion and provincial Annual Development Programme (ADP) at Rs 1.559 trillion, according to a budgetary document released here.

Meanwhile, the development fund for merged areas of Khyber Pakhtunkhwa has been increased from Rs 53 billion to Rs 57 billion whereas the allocation for Azad Jammu and Kahsmir and Gilgit-Baltistan has been enhanced from Rs 55 billion to Rs 61 billion.

The PSDP 2023-24 has focused 5Es (exports, equity, empowerment, environment and energy frameworks) to attain sustainable and inclusive economic growth and social prosperity in the country.

The annual development agenda also underlined the 4RF, which included Resilient Recovery, Reconstruction and Rehabilitation (4RFs), besides regaining the momentum of economic growth, especially on the revival of China Pakistan Economic Corridor (CPEC) and related projects for inter-provincial and regional connectivity with equal importance to Special Economic Zones (SEZs) to promote trade, industrialization and create job opportunities.

The major chunk of PSDP 2023-24 is earmarked on infrastructure development projects of energy, railway, motorways-highways, aviation and ports, besides equal importance given to the social sector, particularly in higher education, health, governance and climate changes.

The present government has revived the CPEC initiatives and its allied projects to timely complete for developing industrial linkages, and promoting trade and commerce.

Meanwhile, out of a total Rs 1,150 billion federal PSDP, the government allocated Rs 652.949 billion for federal ministries, Rs 212.050 billion for corporations, including National Highway Authority (Rs 157.500 billion) and PEPCO (Rs54.440 billion), and Rs 200 billion for VGF for Public Private Partnership (PPP) projects.

The government proposed an allocation of Rs 107.500 billion for the Water Resource Division, Rs 5.450 billion for the Aviation Division, Rs 1,114 million for the board of Investment, Rs 90.120 billion for the Cabinet Division, Rs 4.050 billion for Climate Change Division, Rs1.100 billion for Commerce Division, Rs360.390 million for Communication Division (other than NHA), Rs 3.400 billion for Defence Division while Rs 2 billion have been earmarked for Defence Production Division.

Likewise, Rs 840 million was allocated for Establishment Division, Rs 8.500 billion for Federal Education and Professional Training Division, Rs3.220 billion for Finance Division, Rs 59.700 billion for Higher Education Commission, Rs 40.680 billion for Housing and Works Division, Rs 814 million for Human Rights Division, Rs 3 billion for Industries and Production Division, Rs 2 billion for Information and Broadcasting Division and Rs 6 billion for Information Technology and Telecom Division.

Similarly, an amount of Rs 1.900 billion was earmarked for Inter-provincial Coordination Division, Rs 9.950 billion for Interior Division, Rs 1.450 billion for Law and Justice Division, Rs 3.300 billion for Maritime Affairs Division, Rs 150 million for Narcotics Control Division, Rs 8.850 billion for National food Security and Research Division, Rs 13.100 billion for National Health Services Regulations and Coordination Division, Rs 540 million for National Culture and Literary Heritage Division, and Rs 26.100 billion for Pakistan Atomic Energy Commission.

The government also allocated Rs 150 million for Pakistan Nuclear Regulatory Authority, Rs 1.500 billion for Petroleum Division, Rs 24.896 billion for Planning, Development and Reform Division, Rs 500 million for Poverty Alleviation and Social Safety Division, Rs 33 billion for Railways Division, Rs 800 million for Religious Affairs and Interfaith Harmony Division, Rs 3.200 billion for Revenue Division, Rs 8 billion for Science and Technological Research Division, and Rs 6.900 billion for SUPPARCO.

The document revealed that to augment PSDP, resources of the private sector would be leveraged with the help of the Public Private Partnership Authority (PPA), attracting domestic and foreign direct investment in commercially viable projects.