Pakistan Defense Budget: Pakistan has increased the allocation for the defense sector by 15 percent to Rs 2,122 billion in the budget presented on Wednesday for the financial year 2024-25. This is a significant increase compared to the defense budget of the last financial year. Pakistan, which is facing a debt crisis, has taken this step at a time when it is trying to get a new loan from the International Monetary Fund (IMF) to meet the country’s external liabilities. Along with this, India is also facing a crisis for the third consecutive time. Narendra Modi The NDA government has come to power under the leadership of.
Finance Minister Mohammad Aurangzeb presented the budget for the next financial year in the National Assembly, the lower house of Parliament. This is the first budget of the Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) coalition government, which came to power after the general elections held on February 8. Last year, the government allocated Rs 1,804 billion for the defense sector. This figure was more than Rs 1,523 billion of the previous year.
Aurangzeb said the government has set a target of 3.6 per cent growth in gross domestic product (GDP) for July 2024-June 2025. This is higher than the target of 3.5 per cent for the financial year 2023-24. However, Pakistan has missed this target and its growth rate has been only 2.38 per cent. He said the total amount of the budget would be Rs 18,877 billion and it proposes an allocation of Rs 2,122 billion for defense spending. This is 14.98 per cent more than the previous financial year.
He said the inflation target for the next fiscal year would be 12 percent while the budget deficit target has been set at 6.9 percent of GDP. The Finance Minister said the tax collection target would be Rs 12,970 billion – 38 percent more than last year.
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