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Jun 13, 2013
Rs 3.985 trillion Federal Budget 2013-14 focusing on economic growth, resolving energy crisis, reducing fiscal deficit and tackling public debt for putting economy back on track was unveiled on Wednesday.
Federal Finance Minister Ishaq Dar while delivering budget speech at the National Assembly here also announced improvement in tax collections and reduction in non-development expenditures.
“We are starting our journey from very precarious situation, however the bad condition of economy has boosted our courage to lead it towards its desired heights of sustainability,” he said.
The previous government, he said, had not looked after the economy in accordance with the national interests.
The minister said that the nation has made better accountability by rejecting those who did not deliver in past five years. He said that GDP growth remained below 3 percent and if compared with the population growth of about two percent, the real growth would stand at just one percent.
He said that inflation has remained at 13 percent which is highest during the past 4 decades while the foreign exchange reserves have fallen from $11.1 billion to $6.3 billion.
He said that the newly-elected government would fulfill all its promises it had made during the election campaign, saying that the budget for fiscal year 2013-14 was the manifestation of the same pledges.
He introduced Economic Vision that would lead the country towards sustainable economic growth. He said that the first priority of the government would be to make the country self-reliant, saying, “We need self-reliant economy to run the affairs of the country.”
He said that the government would not involve in over-spending as the previous government has miserably failed to follow this policy which caused huge damage to the economy.
He was of the view that doing business was not the job of the government so it would make the private sector center of economic activities and introduce reforms in the market system.
He said that the government would not involve in business, however, it would only intervene in sectors where private sector has limitation particularly in education, health, population and huge infrastructure development sectors.
He said that the government would also improve infrastructure particularly in the energy sector. (Courtesy: Nation)