It’s balanced, progressive, pro-people budget: PM

ISLAMABAD: Prime Minister Shehbaz Sharif, while terming the 2022-23 budget a concrete step towards stability of economy, congratulated the finance minister and his team on presentation of a balanced, progressive and pro-people budget.

He assured the nation that the finance bill would steer the country out of the difficult time that has been brought on by recent years of economic mismanagement.

In a series of tweets on Friday and later in a statement, he said presentation of the best budget in a short period of time reflected abilities and sincerity of the coalition government. “The 2022-23 federal budget is the prescription to bring the country out of serious economic crisis. The government has taken difficult decisions to address problems being faced by the national economy,” he said.

He said making a budget in financially challenging times with so many constraints is no less than a herculean task. “There were not political motives behind planning of this budget rather we kept in view 220 million people while doing so,” he said.

Shehbaz Sharif said the government increased funding for Benazir Income Support Programme (BISP). Benazir scholarship programme has been extended to ten million students.

He said zero tax has been announced for import of agricultural machinery and implants. This major step will enable our farmers and agriculture to progress. He said government has reduced tax on import and distribution of solar panels to zero.

He pointed out that the budget demands sacrifices from the elite class while the poor has been facilitated. “The wealthy class will have to play role of big brother to shoulder problems of the poor,” the PM said.

He said for the first time, the agriculture sector is being given tax exemptions. “It will bring about green revolution in the country giving exemptions to the agriculture machinery, equipment and seeds and will also help reduce prices of essential commodities,” he said adding the budget would give a new life to economy and farmer.

The PM said the federal budget also reflected financial discipline, improvement of taxation system and setting bold targets. He pointed out that the budget laid special emphasis on energy, education, health, employment and business sectors. “It will not be less than miracle to get the country rid of economic crisis of four years in one-year time,” he said.

The PM congratulated the economic team particularly Finance Minister Miftah Ismail who participated in preparation of budget.

In a Twitter thread, PM Shehbaz shared his thoughts on how the government was hoping to “shield financially weaker citizens from economic hardships” by taxing the “financially stronger people”.

“We have allocated billions of rupees for targeted subsidies. This amount is in addition to Rs344 billion allocated for Benazir Income Support Programme. Only deserving people to get the subsidy,” said PM Shehbaz.

APP adds: Minister for Information and Broadcasting Marriyum Aurangzeb Friday said the government had presented a progressive and inclusive budget for the fiscal year 2022-23 which would bring back the economic stability, inherited from Pakistan Tehreek-e-Insaf’s (PTI) regime in 2018.

Talking to the media persons at the Parliament House, she said it was historic moment for the country as the government presented a people-friendly and pro-poor budget despite the difficult conditions of the International Monetary Fund (IMF).

Divulging details, she said historic relief measures were taken for the agriculture sector in the budget for the next financial years. She said agriculture was declared as zero-tax industry to boost the crops production.

Similarly, Marriyum said incentives were also announced for Information Technology sector to promote IT-based exports in the country.

She said despite the tough conditions of the IMF, income tax limit had been increased from Rs600,000 to Rs1.2 million per year for providing relief to the middle class.

“The move will not only promote Pakistan’s culture and tourism but also restore Pakistan’s positive image at global level,” the minister said, adding for the first time, the film industry had been given a complete tax exemption.

Marriyum said that for the first time, medical insurance had been introduced for artists and incentives had been given to film producers.Taking a dig at former prime minister Imran Khan, she said one incompetent person was making a claim that his party had brought the growth rate to five per cent.

The minister said PM Shehbaz Sharif had announced a 10pc increase in the pensions after taking oath and now in the budget pensions had also been increased by 5 per cent.