Daily Times

Minister for Information and Broadcasting Marriyum Aurangzeb on Friday said the federal budget for fiscal year 2023-24 would restart the journey of progress and development in the country which had witnessed four years of economic destruction, joblessness, chaos and anarchy during the Pakistan Tehreek-e-Insaf (PTI) government’s tenure.

“Four years of PTI ushered in destruction, but now this budget will chart the country on a course of prosperity and development,” he said while talking to the media persons outside the Parliament House.

She said a “Fitna, anarchist and rioter” had tried to push the country into an economic quagmire, but he faced nothing but humiliation and disappointment.

Marriyum said the government had been pursuing the same vision for the economy which was implemented in 2013 to bring development and prosperity.

Now, the economic stability had returned due to prudent policies of the coalition government, she added.

A mega relief package was being given for agriculture, IT sector and youth in the budget, she said while reiterating that there was a “good news” for the government servants.

To a query, she said four years of pervasive incompetence, widespread corruption, and severe economic deterioration had deeply disappointed the nation.

Meanwhile, Marriyum Aurangzeb said that the 5E’s framework formulated by the Ministry of Planning and Development & Initiatives (MoPD&SI) will prove a game changer for economic development in Pakistan.

In a series of tweets, she said that ‘Exports’, ‘E-Pakistan’, Environment & Climate Change, Energy & Infrastructure, and Equity & Empowerment were the pillars of the turnaround of Pakistan.

Through this framework, she added, new businesses and employment opportunities will be encouraged to increase exports. She stated that the promotion of education and health and population control will pave the way for the development of Pakistan.

Affordable and uninterrupted energy supply will give a new boost to the economy and business, she said adding environment will be improved through water reservoirs and food security. Through e-Pakistan, youth will be given development opportunities and they will be empowered, she said.

She opined that the reduction of fiscal deficit to 4.6 percent of GDP from 4.9 percent was a major achievement which was a positive outcome of the correct economic policy of the government. She said that a 76 percent reduction in the current account deficit was also a sign of sound economic policy.

About 40.4 percent reduction in trade deficit showed the positive impact of economic measures.

The minister remarked that the trade deficit has been reduced to $25.8 billion from $43.4 billion, which was a sign of improvement.

She said that imports decreased by 29.2 percent, which had a positive impact on the economic situation. Import bill has fallen to 51.2 billion dollars against 72.3 billion dollars last year which was a step towards economic improvement, she added.

Compared to Rs 5,348.2 billion during the previous financial year, Rs 6,210 billion in tax revenue was collected during the current fiscal.

In the first 9 months of the current financial year, about 912,000 new taxpayers have been registered against the FBR target of 700,000 taxpayers which she said was a manifestation of an increase in the tax net. Marriyum Aurangzeb said that with the allocation of the federal development budget worth Rs1.15 trillion, the economic activities in the country will accelerate and employment opportunities will increase.