On June 3rd 2014 Federal Finance Minister, Senator Ishaq Dar presented the budget with an outlay of Rs. 3.8 trillion ($39.3 billion) for fiscal year 2014-2015 in the presence of Prime Minister Nawaz Sharif.
Estimates for FY 2014-15
- Revenue estimated for the FY 2014-2015 Rs. 3.943 trillion.
- Current expenditures estimations for FY 2014-2015 Rs. 3.130 trillion
- Estimated revenue from taxation is Rs. 2.810 trillion.
- Rs. 525 billion allocated for Public Sector Development Program (PSDP) for Fiscal Year 2014-2015.
- Fiscal Deficit for the FY 2014 will be kept 4.9 percent.
- Rs. 869 billion are expected to receive from foreign loans.
Other Salient Features of the Budget 2014-2015
- Ishaq Dar proposed 10 percent increase in the salaries of federal government employees, he also proposed minimum wage rate of Rs. 12,000 from Rs. 10,000. The minimum level of pension will be Rs. 6,000 instead of Rs. 5,000.
- In the fiscal year 2014-2015 Rs. 700 billion allocated to Defence.
- Under the BISP – Benazir Income Support Program, the deserving people will receive Rs. 1500 per month instead of 1200. Now BISP program will support 5.3 million families instead of 4.1 million.
- Conveyance allowance increased by 5% for Grad 1-15 government employee.
- The Federal Development budget is proposed to be fixed at Rs525 billion.
- The total customs slabs reduced from 8 to 6. The custom duty decreased from 30 percent to 25 percent.
- Rs. 10 billion allocated for acquisition of land for Diamer Bhasha Dam while Rs. 15 billion reserved for the next FY 2015-2016.
- To overcome the energy crisis in Pakistan the federal government allocated Rs. 205 billion ($2.08 billion) for investment in different power projects.
- Privatization of governmental organization will be undertaken, and all the earning will be spent for the betterment and development of Pakistan citizens.
- Under the National Finance Commission (NFC) Award, Sindh will received total of Rs. 464 billion, Khyber Pakhtunkhwa will received Rs. 283 billion and Balochistan Rs. 160 billion in the FY 2014-2015 budget.
- To facilitate 45 different schemes Rs. 77 billion are allocated.
- Rs. 63 billion allocated for higher education.
- After the auction of 3G and 4G technologies employment opportunities will increase. Almost 900,000 people will take benefit.
- The project of Karachi to Hyderabad motorway will started soon.
- Foreign exchange reserves will raised to 22 billion dollars.
- Govt. will consume 42.1pc budget expenditure on debt servicing
- Rs. 64 billion allocated for education sector
- Govt. will spend Rs. 26.814 billion on health