Finally, the present government of Pakistan shows the budget of 2017-2018. Pakistan financial minister Ishaq Dar represents the budget in front of the national assembly.
Basically, budget plan is one of the most important works of the government. In last year Pakistan was going very low in budgets, but in the 2017-2018 budget plan is very valuable. Last year present government PML-N announced the new budget plan.
It includes RS 5.103 trillion. This is really very good budget. In this budget, RS 2.113 trillion will serve in public sector program. This program is very important for the development of the country. This program is 26.11% is more than last year allocation. For the coming fiscal year,the government set the target of gross domestic product (GDP).
Finally, here is the budget. Before reviewing its various features let look some major points.
In last year’s the GDP growth was very low. The present government focuses on it very tightly and works to increase the growth. Now the growth is 5.28%, which is much better than last year. According to the last budget, the GDP growth was only 3.68%. This amount is very low for the development of the country. Now the first time in history economic surpassed 300 billion.
The agriculture sector has turned around. Basically, agriculture status is necessary for the growth of the country. In last year’s the agricultural stays were not much good, but now the percentage register robust is 3.44%.
During the last year, the FBR has collected RS 1,941 billion and current target is RS 3,522 billion. This show that now the country is developing and this amount are 81% increased only in 4 years. This is the first time in Pakistan history about this number of percentage increased. The average annual growth is 20%. The GDP ratio was 10.1 % in fiscal years 2013-2014 but the current ratio is 13.2%. This is really a good change in budgets. If the government work harder to like as now, than the condition of the country will rapidly change.
Imports and exports
Important and export are two major part of country relations with others. If the country has better relations with foreign countries than the country will have good import and export. $37.8 billion during July-April is recorded import of the country in the last year. The basic import of Pakistan is machinery, oil, technology products (mobile phones, laptop etc.).
Its play a good role in country development. First, a good country tries to reduce his imports and try to make all the product locally. If they make most products locally than the country will not need to import things from the foreign country. Also by this way the country will save much money. Even other countries will demand locally made products of that country if the product is really helpful and cheap in rates.
In the last years the exchange rate of a dollar sometimes very high and low. June 30th, 2013 the dollar price was rs 99.66 and only in short time, it increased to rs 111. After a good economical work the exchange rate returns to rs 99.