Budget 2017-18 Highlights
Finance Minister Mr. Mohammad Ishaq Dar revealed the federal budget for 2017- 2018 worth Rs. 4.75 trillion. This is PML-N government’s fifth consecutive budget. Following are the salient features of the National Budget 2017-18 presented at the parliament house on Friday:
1. There is an increase in Defense budget up to Rs 920 billion.
2. Increase in the pay of 10% will be given to all officers and Army Jawans as special allowance.
3. Minimum labor wage rate for government employees is being increased from Rs. 14,000 to Rs. 15,000 per month.
4. There is 10% increase proposed in pensions of retired government employees.
5. CPEC Projects will get funds of Rs 18 billion from the federal budget. Moreover, Rs 1.8 billion has been allocated for the security of CPEC.
6. For progress of higher education, federal government has allocated 38.5 percent. Higher Education Commission (HEC) will get Rs. 35 billion from federal budget.
7. Electricity sector will receive Rs 4 trillion and 1 billion as allocated in the budget.
8. For restoration of Railway sector Rs 42.9 billion have been allocated.
9. Taxes on automobiles have been revised. According to the budget, taxes on hybrid cars is reduced, tax on 1300 cc cars to be increased from Rs 23,000 to Rs 25,000, Tax on 1,000 cc cars reduced to Rs 15,000, and tax on 850 cc cars reduced from Rs 10,000 to Rs 7,500.
10. The federal government allocates Rs. 15 billion for Interior Ministry while Rs. 1 billion is being set aside for Trade and Commerce Ministry.
11. For Prime Minister Youth Scheme Rs. 20 billion have been assigned while Rs. 90 billion for Securities and Internally Displaced People (IDPs).
12. The sector of Gas Infrastructure will be getting Rs. 25 billion, while Rs 40 billion will be spent on special programmes.
13. At least 400 imported items including cosmetics, cell phones/ smartphones, cigarettes, imported drinks and electronics will become more expensive.
14. A loan of Rs 50,000 per farmer would be granted.
15. Rs 404 billion have been allocated to eliminate load shedding from the country.,