{"id":125299,"date":"2023-06-13T13:29:38","date_gmt":"2023-06-13T13:29:38","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=125299"},"modified":"2023-06-15T12:02:11","modified_gmt":"2023-06-15T12:02:11","slug":"features-budget-2023-24-overview","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/blog\/features-budget-2023-24-overview.html","title":{"rendered":"Exploring the Key Features of Budget 2023-24: A Comprehensive Overview"},"content":{"rendered":"\n<p>The recently announced Budget 2023-24 has generated considerable interest and anticipation among the public, policymakers, and businesses alike. With a total budget of PKR 14.5 trillion, Finance Minister Ishaq Dar presented an ambitious plan to drive economic growth, address social challenges, and foster development across various sectors.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>In this blog, we will delve into the key features of Budget 2023-24, highlighting the initiatives, allocations, and growth targets that will shape the upcoming fiscal year.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Features of Budget 2023-24<\/h2>\n\n\n\n<p>The budget for the fiscal year 2023-24 presents several key highlights aimed at addressing the nation&#8217;s economic challenges and promoting growth.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-23-1024x640.jpg\" alt=\"Budget 2023-24 features\" class=\"wp-image-125303\" srcset=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-23-1024x640.jpg 1024w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-23-300x188.jpg 300w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-23-768x480.jpg 768w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-23-640x400.jpg 640w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-23-368x230.jpg 368w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-23.jpg 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Key features of budget 2023-24<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Some of the key features of Budget 2023-24 include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Economic growth target fixed at 3.5% for FY 2023-24<\/li>\n\n\n\n<li>Inflation is forecasted to average at 21%<\/li>\n\n\n\n<li>Tax-to-GDP ratio to stand at 8.7%<\/li>\n\n\n\n<li>Current account deficit is projected to be USD 6 billion by the end of FY 2023-24<\/li>\n\n\n\n<li>Government has allocated PKR 1.8 trillion for defence spending<\/li>\n\n\n\n<li>PKR 1.1 trillion earmarked for subsidies<\/li>\n\n\n\n<li>PKR 761 billion allocated for pensions<\/li>\n\n\n\n<li>Government to spend PKR 950 billion on Public Sector Development Programme<\/li>\n\n\n\n<li>PKR 22.7 billion earmarked for the health sector<\/li>\n\n\n\n<li>Agricultural credit limit enhanced from PKR 1,800 billion to PKR 2,250 billion<\/li>\n\n\n\n<li>Solarisation of 50,000 agriculture tube wells through PKR 30 billion<\/li>\n\n\n\n<li>Withdrawal of all duties and taxes on imported seeds, combined harvesters, dryers, and rice planters<\/li>\n\n\n\n<li>PKR 10 billion earmarked for PM&#8217;s Youth Business and Agriculture Loans scheme<\/li>\n\n\n\n<li>PKR 6 billion subsidies announced on imported urea<\/li>\n\n\n\n<li>Targeted subsidy announced on wheat flour, ghee, pulses, and rice<\/li>\n\n\n\n<li>35% increase in salaries of government servants of grades 1-16 in the form of ad-hoc relief<\/li>\n\n\n\n<li>30% increase in salaries of government servants of grades 17-22 in the form of ad-hoc relief<\/li>\n\n\n\n<li>Tax-free imports of software and hardware by IT and IT-enabled services equal to 1% of their exports with a ceiling of USD 50,000<\/li>\n\n\n\n<li>No sales tax return is required by freelancers with exports of USD 2,000 per month<\/li>\n\n\n\n<li>Increase in Benazir Income Support Programme allocation from PKR 400 billion to PKR 450 billion<\/li>\n\n\n\n<li>Upward revision in pensions and increase in minimum pension to PKR 12,000<\/li>\n\n\n\n<li>PKR 10 billion was set aside for the provision of 100,000 laptops for students<\/li>\n\n\n\n<li>Exemption of customs duty on the import of raw material for batteries, solar panels, and inverters<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Development Initiatives in FY 2023-24<\/h2>\n\n\n\n<p>The Annual Development Program (ADP) has been allocated a budget of PKR 1,150 billion and PKR 90 billion has been earmarked for the Public Sector Development Program (PSDP). <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The following are the details of the initiatives in FY 2023-24:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PKR 170 billion has been reserved for Special Initiatives of the Prime Minister and Development Schemes of lawmakers<\/li>\n\n\n\n<li>PKR 58.59 billion are reserved for Dasu Hydropower Project<\/li>\n\n\n\n<li>PKR 17 billion are allocated for Karachi Greater Water Supply Scheme<\/li>\n\n\n\n<li>PKR 17.63 billion will be used for purchasing railway freight wagons and passenger bogies<\/li>\n\n\n\n<li>PKR 14.86 billion allotted for Karachi Coastal Power Project<\/li>\n\n\n\n<li>PKR 26 billion is reserved for Merged districts of Khyber Pakhtunkhwa<\/li>\n\n\n\n<li>PKR 31 billion will be utilised for a 10-year development plan for the former tribal areas<\/li>\n\n\n\n<li>PKR 10.5 billion has been allocated for Mohmand Dam Hydropower Project<\/li>\n\n\n\n<li>PKR 12 billion reserved for Jamshoro Coal Power Project<\/li>\n\n\n\n<li>PKR 16 billion will be allocated for the Pakistan-Tajikistan transmission line<\/li>\n\n\n\n<li>PKR 6 billion has been allotted for the Rehabilitation of flood-affected areas<\/li>\n\n\n\n<li>PKR 5.70 has been set aside for the Hyderabad-Sukkur Motorway project<\/li>\n\n\n\n<li>PKR 5 billion has been reserved for New Gwadar International Airport<\/li>\n\n\n\n<li>PKR 5 billion allotted for Lahore-Sialkot Motorway, from Narang Mandi to Narowal<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Growth Targets for Various Sectors for 2023-24<\/h2>\n\n\n\n<p>The budget for the fiscal year 2023-24 also outlines growth targets for different sectors. The target for GDP growth rate is set at 3.5%, with the agriculture sector and major crops also expected to grow by 3.5% each. The industrial production growth target is 3.4%, while manufacturing is targeted at 4.3%. The services sector is projected to grow by 3.6%.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-2023-1024x640.jpg\" alt=\"Gross federal revenue VS Total expenditure\" class=\"wp-image-125304\" srcset=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-2023-1024x640.jpg 1024w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-2023-300x188.jpg 300w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-2023-768x480.jpg 768w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-2023-640x400.jpg 640w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-2023-368x230.jpg 368w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2023\/06\/Budget-2023.jpg 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Budget at a glance: Gross federal revenue VS Total expenditure<\/figcaption><\/figure>\n\n\n\n<p>Other growth targets include 3.6% for the livestock sector, 7.2% for cotton canning, 3% for forestry and fisheries, 3.2% for large-scale manufacturing, 2.2% for electricity generation and gas distribution, 2.8% for the wholesale and retail sector, and 5% for transport and communication sector. The education sector is aimed at a 3% growth rate, while the private sector production is expected to increase by 5%. The real estate sector is targeted at 3.6% growth, and the financial and insurance sector at 3.7%.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tax Relief for Builders<\/h2>\n\n\n\n<p>In Budget 2023-24, tax relief for builders and individuals undertaking construction projects includes a 10% or PKR 5 million deductions on business income for three years. The individuals undertaking construction projects will get a tax relief of 10% or PKR 1 million for the next three years. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Concessional tax rates for banks providing loans to construction, agriculture, and SMEs are extended. Land developers will be taxed at a lower rate of 5% of turnover.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>These were some of the key features of budget 2023-24. So, what do you think about the government\u2019s recently announced budget? Share your thoughts at blog@zameen.com. We\u2019d love to know about your point of view on this very important subject.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>To read the most informative news updates in Pakistan, head over to Zameen Blog. You can also subscribe to our email newsletter to stay updated with our latest blog posts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From growth targets and tax relief to development projects, this blog provides an insightful overview of the upcoming fiscal year<\/p>\n","protected":false},"author":104,"featured_media":111306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11053],"tags":[5951,89041,68998,89040,89037,89038,546],"persona":[],"class_list":{"0":"post-125299","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-laws-taxes","8":"tag-budget","9":"tag-federal-budget-2023-24","10":"tag-federal-budget-pakistan","11":"tag-federal-budget-summary","12":"tag-highlights-of-federal-budget","13":"tag-summary-of-federal-budget","14":"tag-tax","15":"cat-11053-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Key Features of Budget 2023-24: An Overview| Zameen Blog<\/title>\n<meta name=\"description\" content=\"Discover the key features of Budget 2023-24, including tax relief measures, growth targets, and development projects.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/blog\/features-budget-2023-24-overview.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quick Summary &amp; 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