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Pakistan is one of the developing countries in Asia. Its economy is suffering from high inflation and unemployment from the last few years. According to budget 2013-2014:
Ø Prime Minister’s house expenditures has been decreased by up to 45%
Ø Rs. 3 billion has been earmarked for PM’s laptop scheme
Ø During a one year training program, youth below the age of 25 and holds a masters degree will receive a stipend of Rs.10,000 per month
Ø Rs.340 billion has been allocated for development projects
Ø Rs. 8 billion for social welfare
Ø Salaries and pensions have been raised by 10%
Ø Minimum pension has been raised from Rs.3000 to Rs.5000 (approximately 67% increment)
Ø General Sales Tax (GST) has been increased from 16% to 17%
Keeping in view the budget estimates, discuss whether this budget will be helpful in solving the problems of unemployment and inflation, or not?
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PPP leader Raza Rabbani says people are being burdened with taxes to an unbearable level.
ISLAMABAD (Dunya News) - Parliamentary Leader of Pakistan Peoples Party in the Senate Raza Rabbani urged government to bring big fish into the tax net.
He said the federal budget for the next fiscal year after passage from Parliament will increase inflation and unemployment in the country.
Sharing recommendations of the Parliamentary Group of the party with media on Monday‚ he said the budget of each Ministry should be placed before the respective Standing Committees of Parliament‚ at least six weeks before the Budget session.
Rabbani said that provincial rights are being violated by amending Sales Tax Act.
Raza Rabbani proposed that all those clauses presented in the Finance Bill‚ 2013 to reward and reform tax officials should be dropped.
He said the budge was in contradiction of the spirit of the federation. People are being burdened with taxes to an unbearable level, he pointed out.
“We strongly condemn the government’s plan to privatize national institutions. We are also not in favour of approaching the International Monetary Fund (IMF),” he said.
Rabbani opined that the international lenders attach strings whenever approached.
“It will be up to the party to decide whether it wants to fight the violations of the 18th Amendment in the house or takes the matter to the Supreme Court.”
As per my understandings
-- Due to decrease in parliament exp it will help to decrease inflation & saved money will be invested to reduce unemployment.
-- Laptop schemes are good for broad exposure it will reduce unemployment.
plz discuss your main points only..
Hassan Ali hmm thanks for sharing
Thank YOu ,,...
But we need to discuss some more points...
If we discuss the points one by one, it will be more helpful ..
As per my opinion in first point if prime ministers house expenses will decrease they can spend that money in development projects which in return can somehow decrease the rate of unemployment.
we must read the speeches made on budget and the programs of different talk shows this will help u
No doubt if the federal government will reduce its expenses like prim minister house expenses then it could be use to some other projects and unemployment problem can be solved much than before.
And if there is demand to pull inflation than the government should charge higher amount of taxes and also felicitate more with the help of subsidies to firms by which they could meet up the problems of excessive demand and cost problem. this will surely help to solve the inflation problem in Pakistan.
look every analyst has its own view, buut majority of economist in the world and in pakistan both are agree that it is Good budget and it is indication that government showing non reluctant policy on foreign states and that is why the only way of revenue is tax and govt indicate that we will come up with tax policy according to new monetarist policy it is the forst step to words the good way and will benefit in longterm that is why it is although Good policy and keeping the interest rate low automaticaly increase the investment so may business cycle run and unemployment ratio will decrease, as in this budget intererst rate is decreased. So it is Good budget according to several anaylst beacuse you do not have any window more further so keep this policy would be good.
Nida Ali, One like from my side!!!