Following are the notables of the federal budget 2023-24 released on Friday.

- Pakistan has unveiled a budget of Rs 14.46 trillion for FY2023-24, with a focus on relief and growth.

- The country aims to achieve a GDP growth rate of 3.5% for the fiscal year 2023-24.

- A substantial increase in salaries for government employees has been approved: a 35% raise for employees in Grades    1 to 16, and a 30% increase for employees in Grades 17 and above.

- Furthermore, there will be a 17.5% increase in pension for retired government employees.

- Minimum wage has been increased from Rs 25000 to Rs 30000.

- The projected budget deficit is 6.54% for the upcoming fiscal year.

- Federal Board of Revenue has been given a target of collecting Rs 9.2 trillion in taxes for the next fiscal year to meet      the country's financial needs.

- A significant portion of Rs 7.3 trillion has been allocated for interest payments.

- Budget allocates Rs 1.8 trillion for defense needs and Rs 714 billion for civil administration.

- The Public Sector Development Program will receive Rs 1,150 billion.

- For the Higher Education Commission Rs 65 billion has been allocated for current expenditure and Rs 70 billion for          development expenditure

- Rs 5 billion has been allocated for women’s empowerment in the budget

- Rs 161 billion has been allocated for highways and other communication facilities.

- Pakistan is striving to achieve SDG targets. An amount of Rs 90 billion has been proposed for this purpose.

- An amount of Rs 5 billion has been allocated to provide concessional loans to the agro-industry.

- The agriculture credit limit will increase from Rs 1800 billion to Rs 2250 billion.

- To boost IT exports, a concessional income tax rate of 0.2% will be applicable. Moreover, the issuance of automated       exemption certificates will be ensured.

- To encourage SMEs, its turnover threshold increased from Rs 250 million to Rs 800 million.

• The Export Council of Pakistan is being established to promote exports.
• 2% Final tax is being abolished on the purchase of immoveable property by overseas Pakistanis to promote remittances.

Credit : Independent News Pakistan-INP