Federal Cabinet approves Budget 2020-21
ISLAMABAD: The federal cabinet meeting headed by Prime Minister Imran Khan on Friday approved the Budget for 2021-22, giving a nod to a 10 percent increase in salaries and pensions of the government employees.
According to details, the special cabinet meeting headed by Imran Khan and attended by federal ministers, advisers, special assistants, and others approved the Finance Bill 2021 with some amendments in it.
The prime minister was apprised during the meeting that the amount for the Ehsaas program has been increased in budget 2021-22 while subsidies will also be improved in the power and food sector.
“Grants for Kamyab Jawan program and housing projects have also been raised,” the cabinet meeting was apprised.
The prime minister also rejected a proposed tax on the internet besides limiting the tax amount on mobile phones. “Internet is now among the basic necessities,” the prime minister said.
Moreover, the federal government has projected Gross Domestic Product (GDP) growth rate at 4.8% for the upcoming fiscal year 2021-22.
According to the budget document, the agriculture sector growth rate has been set at 5 per cent and for important crops, the growth rate has been forecast at 2.2%.
The growth rate for cotton has been proposed at 10% of the overall GDP projected by the federal government for the upcoming FY22, read the budget document.
For the industrial sector, the growth rate has been set at 6.5 per cent and 6.2% has been estimated for the manufacturing sector.
Growth target for the large manufacturing sector has been proposed at six per cent, while for the construction sector it has been projected at 8.3 per cent.
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