According to the budget document, the government is providing incentives for the import of raw materials and parts used in the manufacturing of solar panels, inverters, and batteries, as well as plant machinery and associated equipment for producing solar panels to meet local needs and for export.
This aims to reduce reliance on imported solar panels and save valuable foreign exchange.
Federal Finance Minister Muhammad Aurangzeb, speaking at the budget session, stated that the government has increased the development budget by 101%, allocating 81% for ongoing schemes and 19% for new schemes.
He mentioned that developmental work would be carried out in Azad Jammu and Kashmir and merged districts, with priority given to completing ongoing development projects in the coming fiscal year. Focus will be on export, equity, empowerment, environment, and energy under the 5 Es framework.
He acknowledged the previous government’s standby agreement, which paved the way for economic stability, reducing uncertainty. Inflation decreased to 12% in May, making food items more accessible to the public.
Further reduction in inflation is expected in the coming days, with efforts for financial stability bearing fruit. Investors are exploring investment opportunities in various sectors.
The federal government has increased the minimum monthly wage from 32,000 rupees to 36,000 rupees in the 2024-2025 budget. Additionally, salaries of government employees have been increased.
The budget document indicates a 25% salary increase for government employees from grades 1 to 16 to improve their purchasing power, while officers from grades 17 to 22 will receive a 22% salary increase. A 22% increase in pensions for retired employees is also proposed. The government has decided to provide incentives for imports to promote the solar panel industry in the 2024-2025 budget.
During the Finance Minister’s speech, opposition members created a commotion in the house, with members of the Sunni Ittehad Council standing in protest and chanting slogans.
It is noteworthy that the budget for the fiscal year 2024-2025 is being presented in the National Assembly.
