Finance Minister Ishaq Dar unveiled the much-anticipated fiscal year 2023-24 budget in the National Assembly. With a total budget of Rs14.5 trillion, the upcoming financial plan aims to stimulate economic growth and prioritize development projects. Here’s a breakdown of the key allocations and growth targets revealed in the budget 2023-24.
Budget 2023-24: Allocation for Development Projects
The Annual Development Program will have a size of Rs1,150 billion, with the Public Sector Development Program receiving Rs950 billion. Special initiatives of the prime minister and development schemes of lawmakers have been allocated Rs170 billion. Additionally, Rs80 billion will be spent on nine special projects of the prime minister. Notable allocations include Rs58.59 billion for the Dasu Hydropower Project, Rs17 billion for the Karachi Greater Water Supply Scheme, and Rs14.86 billion for the Karachi Coastal Power Project. Rs5 billion each for the New Gwadar International Airport and the Lahore-Sialkot Motorway projects. The budget also designates funds for various other projects, such as the Mohmand Dam Hydropower Project, the Jamshoro Coal Power Project, and the Pakistan-Tajikistan transmission line. Rs5.70 billion have been allocated for the Hyderabad-Sukkur Motorway project.
Growth Targets for Key Sectors
- GDP growth rate target: 3.5%.
- Agriculture sector and major crops growth target: 3.5% each.
- Industrial production growth target: 3.4%.
- Manufacturing sector growth target: 4.3%.
- Services sector growth target: 3.6%.
- Livestock sector growth target: 3.6%.
- Cotton canning growth target: 7.2%.
- Forestry and fisheries growth target: 3% each.
- Large-scale manufacturing growth target: 3.2%.
- Electricity generation and gas distribution growth target: 2.2%.
- Wholesale and retail sector growth target: 2.8%.
- Transport and communication sector growth target: 5%.
- Education sector growth target: 3%.
- Private sector production growth target: 5%.
- Real estate sector growth target: 3.6%.
- Financial and insurance sector growth target: 3.7%.
Allocations for Ministries, Divisions, and Departments
- Interior Ministry: Rs 9.95 billion.
- Law and Justice Ministry: Rs1.40 billion.
- Maritime Affairs Ministry: Rs3.3 billion.
- Narcotics Control Division: Rs150 million.
- National Food Security: Rs8.85 billion.
- Health Ministry: Rs13.10 billion.
- National Heritage and Culture Division: Rs540 million.
- Pakistan Atomic Energy Commission: Rs26.10 billion.
- Pakistan Nuclear Regulatory Authority: Rs150 million.
- Petroleum Division: Rs1.50 billion.
- Planning Division: Rs24.89 billion.
- Poverty Alleviation and Social Protection: Rs500 million.
- Railways Division: Rs33 billion.
- Religious Affairs Ministry: Rs800 million.
- Revenue Division: Rs3.20 billion.
- Science and Technology Research: Rs8 billion.
- Ministry of Water Resources: Rs107 billion.
- SUPARCO: Rs6.90 billion.
- Ministry of Energy: Rs54.55 billion.
- National Highway Authority (NHA): Rs157.50 billion.
- PrimeMinister’s Program: Rs80 billion.
- Aviation: Rs5.45 billion.
- Board of Investment: Rs1.11 billion.
- Cabinet Division: Rs90.12 billion.
- Climate Change: Rs4.5 billion.
- Commerce Division: Rs1.10 billion.
- Defense Division: Rs3.40 billion.
- Defense Production: Rs2 billion.
- Establishment Division: Rs840 million.
- Finance: Rs3.22 billion.
- Federal Ministry of Education: Rs8.50 billion.
- Azad Jammu and Kashmir: Rs60.90 billion.
- Merged Districts: Rs57 billion.
- Higher Education Commission: Rs59.71 billion.
- Housing and Works Ministry: Rs36.70 billion.
- Human Rights Ministry: Rs810 million.
- Ministry of Industries and Production: Rs3 billion.
- Information and Broadcasting Ministry: Rs2 billion.
- Information Technology: Rs6 billion.
- Ministry of Inter-Provincial Coordination: Rs1.90 billion.
Also read: IMF Seeks Pakistan’s Budgetary Position Ahead of Talks
