The Pakistan peoples party presented last budget for this tenure as after this budget the election are expected to be held. The finance minester, Dr. Hafeez Sheaikh speeched the budget in front of the parliament. Hafeez Sheaikh presented last budget i.e 5th continuous federal budget.
As this budget was the last of the present government people of Pakistan were expecting very good budget from the government.
The budget speech started almost 6:15 p.m of 01-06-2012. It seemed that the Financial minster is trying to skip the budget speech as soon as. Most of the things which in the previous budget were discussed in detail was speeched in a sentence or two.
First of all i will discuss about the government employees salaries and pension. It was expected that in this budget government will give relief to the employees with some good margin but the finance minster ended this topic saying "Salaries of government employees will be increase 20% of the basic as adhoc relief. There was no other think about conveyance allowance, medical allowance or house rent. Which i think will disappoint the govt. employees.
Talking in his budget speech finance minster said that government is trying to relief the common people of Pakistan. And this regard 2000 new utility stores will be opened which will relief 3500000 people. The people who are being helped through Benizeer Income Support program will get the daily used things at 17% discount while the other people are already getting relief at the rate of almost 7%.
The pension of the retired government employees will also increase at the rate of 20%.
Oil prices will be lowered and government will continue to relief in this regard because the rate of oil in international market are very high.
The major problem of load shedding will be resolved and the expanses as much as needed will be provided. And new projects will be stared.
Solar system will be introduced in tube well and government will give subsidy on installing solar system and will cooperate with the farmers in this regard.
Relief to common people in taxes will also be provided and no new tax will be implemented, and the minimum taxable income was increase from 3 lac to 4.5 lacs. The minimum money without tax which was earlier 25000 increased to 50000.
Unemployment will be controlled by giving jobs and technical education to 1 lac educated students. Graduate and post graduate student will be employed through internship.
Special package will be offered to the people of balochistan specially in jobs and progress of the province
GST (general sales tax) is being reduced and will be ended soon.
Federal excise duty will also be terminated as soon as possible.
The tax on medicine was also decreased from 10% to 5%.
there was no clarification regarding the scholarship policy to student for foreign countries. As the students stuyding in foreign universities are facing problems regarding finance but no talk on this topic in budget speech.
The prime minster house will be converted to a university so as to overcome the expanses and burden over the budget.
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