Real Aspects of Budget & the FutureBy Guest Blogger • Jun 5th, 2012 • Category: Lead Story • 2 Comments
On Saturday in post budget press conference Dr Abdul Hafeez, the finance minister of Pakistan, along with the Information Minister Qamar Zaman Kaira, talked about some silent features of budget. In his conference Dr Abdul Hafeez told that budget of Fiscal Year 2012-2013 is directed towards hastening the economic growth and sustaining economic stability through different type of projects and development programs. In the budget of 2012-2013, electricity is to be provided on cheaper rates by allocating additional amount of money to WAPDA and power companies. More budget is being allocated to Benazir Income Support Program (BISP), around 70 million rupees to address poverty in Pakistan and discounted basic needs’ goods and food items for families with low incomes will also be provided in utility stores. Tax system has been simplified, tax exemption is limited and tax rate has been brought down which is a way to provide relief to the tax payers. Salaries and pensions have been increased by 20% and to resolve unemployment 60,000 internship seats are reserved for graduates and 40,000 for Master’s levels
But if we evaluate the past performance of our government these types of budget never ever have resulted in any kind of economic growth, so then the question arises that will this budget really signify any real growth in the economy over the coming twelve months? As the Pakistani government has repeatedly given these types of budgets which is no news for us.
The critics have been saying that this is not a good enough budget for our economy. If government thinks that by increasing the salary and pension by 20%, it will aid in a growth in the economy, then they have overlooked the other side of picture where they are also increasing the prices of several goods. Each and every one of the common man belong to the middle and lower class is forced to believe that the budget has not been charted out for them, as some said that there is no relief for them and the budget is only a pathetic attempt by the government to save what is left of Pakistan’s economy and public wealth.
Many believe the government gave such a budget as a trump card to win to outmaneuver its counterparts in the next election season by showing that PPP is thinking for the public. Our politicians have said that this budget will improve the economy, but if we focus on the real aspect they are the one who destroyed our economy in the first place by increasing over public debt twice fold. Government said it is providing relief in the new budget of 2012-13 but in reality it has increases the wealth tax, tax from agriculture income, tax from real estate etc. In this budget to fulfill government expenditure money allocation have also increased, no better policies for price and load shedding control, only more borrowing tactics!
Our public is also responsible of this situation, because their voting power has led this country towards the down fall in economic growth, increase in inflation, corruption and unemployment. Our public shows no concern in regards to the policies our government makes. The masses think they should earn money only to fulfill basic needs of their family and they do not need to avail other luxuries of life as their “so-called” leaders are living. So, in the end if the masses wish to be the slaves they can cast the votes same as the previous time, but if they want to see a better future for themselves and this country it’s time to vote with logic and reason not ill-placed feelings!