Summary
- Outlining economic targets, the minister said Pakistan aims to reach $41 billion in remittances, while IT exports are projected to rise to $4.5 billion.
- On agriculture, Aurangzeb described the sector as the backbone of the economy and announced several relief measures, including collateral-free loans of up to Rs300 billion for small farmers, expected to benefit around 750,000 farmers.
- He further said Rs4.2 billion has been set aside for agriculture and livestock development projects, while nearly Rs2 billion in import duty relief has been granted for agricultural machinery.
ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that the government is prioritizing broadening the tax base instead of increasing taxes on salaried individuals, while maintaining that Pakistan’s key macroeconomic indicators remain stable.
Speaking in the National Assembly during a budget session on Saturday, the finance minister rejected concerns raised over budget figures, stating that no changes had been made to national accounts or core economic data. He added that lawmakers’ suggestions during the debate would be reviewed for possible inclusion in the Finance Bill.
Aurangzeb said the government’s reform agenda is focused on improving revenue collection by bringing retailers into the tax net and strengthening the overall taxation system. He noted that the Federal Board of Revenue (FBR) had shown improved performance, claiming an additional $14 billion in revenue collection over the past two years.
He compared the recent growth in revenue with earlier periods, saying similar increases had taken much longer in previous decades.
Outlining economic targets, the minister said Pakistan aims to reach $41 billion in remittances, while IT exports are projected to rise to $4.5 billion.
On agriculture, Aurangzeb described the sector as the backbone of the economy and announced several relief measures, including collateral-free loans of up to Rs300 billion for small farmers, expected to benefit around 750,000 farmers.
Under the Prime Minister’s Youth Agriculture and Business Loan Scheme, Rs109 billion has been allocated. Additional support includes Rs9.5 billion for agricultural credit subsidies, Rs15.8 billion for fertilizer price stabilization, and Rs10 billion for urea subsidies.
He further said Rs4.2 billion has been set aside for agriculture and livestock development projects, while nearly Rs2 billion in import duty relief has been granted for agricultural machinery. Duties on tractors, harvesters, irrigation pumps, and related equipment have also been removed to reduce farming costs.
Aurangzeb added that significant budget allocations have been made for debt servicing, judiciary, and constitutional institutions, reiterating that fiscal discipline remains a central priority of the government
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