The Federal government is all set to present its third budget on June 11, 2021, having a total outlay of around Rs8 trillion for FY22.
According to the budget document, the total size of the economy will reach Rs52,057 billion. The government has set an economic growth rate target of 4.8% for FY22.
Of the total outlay, Rs3,060 billion will be spent on loans and interest. The budget deficit is expected to be Rs2,915 billion i.e., 5.6% of GDP. Moreover, Rs900 billion will be allocated for the annual development program. The development budget of the provinces will be Rs1000 billion in the upcoming budget 2021-22.
The document further revealed that around Rs530 billion are expected to be allocated for subsidies. The defense budget is expected to be more than Rs1,400 billion.
Furthermore, the revenue collection target will be set at Rs5,829 billion, while Non-tax revenue is expected to be around Rs1,420 billion in the upcoming budget FY22.