Pakistan Government Reduces PSDP Budget by Rs 250 Billion to Offset Deficit

News Desk7 days ago

Speaking to the media, Ahsan Iqbal declared that the government development program would see a decrease of Rs 250 billion. According to him, the development budget had to take the brunt of the cut in order to make up for the revenue shortfall.

The planning minister continued, “The Public Sector Development Programme’s (PSDP) budget has been reduced from Rs 1400 billion to Rs 1150 billion.”

According to Ahsan Iqbal, the goal of sacrificing the development budget is to free up tax revenue for the government and the agricultural industry.

The Senate of Pakistan earlier on Monday adopted suggestions for the federal budget 2024–25, requesting that the government set a minimum monthly pay of Rs 45,000 for laborers.

The Senate Standing Committee on Finance Chairman Saleem Mandviwala’s 128-point recommendations were accepted by the upper house.

In addition, a fifty percent decrease in indirect taxes and an increase in direct taxes were recommended. Similar to electric cars, the Senate advised the government to exempt 660 CC autos from customs charge.

Read more: Pakistan Government Reduces PSDP Budget by Rs 250 Billion to Offset Deficit

The upper house also suggested doing away with levies on the building industry. The other suggestions included lowering taxes on eight stationery products, creating a single portal for Pakistanis living abroad to invest, and levying uniform tariffs on both domestic and imported solar panels.

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