National Assembly passes federal budget

ISLAMABAD: The National Assembly on Sunday passed the Finance Bill 2008 approving the federal budget for the financial year 2008-09 having a total outlay of 2010 billion rupees. The House passed the Bill with amendments proposed by government to give effect to the Bill from 1st of July this year.
Finance Minister Syed Naveed Qamar moved the motion to pass the bill that was adopted by the House.
The federal budget lays special emphasis on improving socio-economic conditions of the vulnerable groups, development of agriculture and manufacturing sector and restoring investors’ confidence to boost the economic growth.
It also aims at improving health and education sector facilities to the people at grass roots level besides further empowering women.
The National Assembly for the first time adopted 51 proposals out of the 76 sent by the Senate and accepted some other to consider in principle.
The federal government has set GDP growth target of 5.5 percent for the next financial year.
It also aims at maintaining gross investment to GDP ratio to 25 percent and contain fiscal deficit to 4.7 percent.
The federal government has given Public Sector Development Rs 550 billion.
Rupees 66 billion have been allocated for the development of water and power sector with short-term measures to increase 2200 megawatts powers in the national grid to overcome load-shedding.
A number of measures have been announced in the federal budget to improve socio-economic conditions of the masses.
This includes Rs 50 billion Benazir Income Support Programme and launching of Rs 28 billion People’s Works Programme.
The government has also announced 20 percent increase in salaries and pensions of government employees besides raise in conveyance allowance.
The House also approved increase of vacancies of judges in the Supreme Court from 16 to 29.