The National Assembly Prepares for Fiscal Planning
Today, the National Assembly gears up for a pivotal moment as Federal Finance Minister Muhammad Aurangzeb is set to present the Finance Bill 2024. The lower house’s budget session commences at 4 pm, marking a significant step in fiscal planning for the upcoming year.
Defence and Development Allocations
In the proposed federal budget for the fiscal year 2024-25, a substantial allocation of Rs2100 billion is designated for defence expenditures, reflecting a 19.29 percent increase from the previous fiscal year. Additionally, Rs9700 billion is earmarked for interest payments on loans, underlining the government’s commitment to fiscal responsibility.
Prioritizing development initiatives, the government proposes Rs1500 billion for various development projects aimed at bolstering infrastructure, education, healthcare, and social welfare programs. This significant investment underscores the government’s focus on advancing socio-economic development and improving the quality of life for citizens.
Investing in Defence Infrastructure and Technology
Within the Ministry of Defence, Rs5.63 billion is proposed for development projects, encompassing 29 key initiatives aimed at enhancing military infrastructure and technology. Notably, Rs1.7 billion is allocated for new schemes addressing emerging security challenges, including the procurement of drones for law enforcement and search and rescue operations.
Promoting Innovation and Education
The budget allocates Rs50 million for the construction of a Research and Regional Center in Islamabad, fostering innovation and self-reliance in military technology. Furthermore, investments in education infrastructure include Rs38 million for the construction of FG Junior Public Schools in strategic locations like Gwadar and Gilgit, and Rs300 million for an Academy Block at the National University of Pakistan, enhancing educational facilities for defence personnel.
Enhancing Healthcare and Aerospace Capabilities
To improve healthcare services for defence personnel and their families, Rs620 million is allocated for the establishment of a Medical City. Additionally, Rs860 million is reserved for the National Aerospace Science and Technology Pak Aviation City, aiming to bolster aerospace capabilities and technological innovation in Pakistan.
The federal budget for the fiscal year 2024-25 underscores the government’s commitment to national security, socio-economic development, and technological advancement, setting the stage for a prosperous and resilient future.
