Pakistan, Islamabad News : The newly elected democratic government will present its first Federal Budget to the tune of Rs 3.5 trillion for the fiscal year 2013-14.
Federal Minister for Finance, Senator Muhammad Ishaq Dar will announce the Budget 2013-14, after its formal approval from the Federal Cabinet.
The budget will focus on Overcoming the energy crisis, stabilization of the economy, cutting down the non-development expenditures and enhancing productivity through new growth strategies. Sources say that welfare of the people will feature among the priorities in the upcoming budget.
The budget will also focus on social sector development and revenue enhancement, besides introducing reforms for improving governance and boosting private sector investment.
Meanwhile, the National Economic Council (NEC) Monday approved Rs.1155 billion development projects including Federal Public Sector Development Programme of 540 billion rupees and 615 billion rupees of development projects for provinces.
The GDP growth has been projected at around 4.4 percent for the next budget while the inflation target fixed single digit at about 8 percent.
The agriculture sector is expected to grow at 3.8 percent, industry 4.8 percent and services sector at 4.6 percent during the year 2013-14.
Exports for 2013-14 are estimated to grow by over 5 percent to $26.6 billion from $25.3 billion estimated for the ongoing fiscal year.
On the other hand, the imports into the country are projected to increase by 7 percent from $40.3 billion last year to $43.3 billion this year.