Pakistan’s Biggest Budget
By the Editor

DESPITE severe monetary complexities, which emanated in the wake of October-8 Quake, Pakistan’s Rs 1.5 trillion Budget for the year 2006-07, not only envisages relief and subsidies but also depicts vistas for socio-economic development of the nation.

Amid this scenario, by and large, the budget has been well received in the public with, of-course, traditional voices of criticism from the Opposition. It’s, as a matter of fact, biggest budget in the country’s history.

The budget reflects, that the Government is conscious of the public hue and cry, to the effect that benefits of the nation’s economic development were not trickling down to the common man in the country.

Likewise, it’s also evident that the Government is mindful of the perception in certain quarters that enough is not being done, to alleviate poverty and check price hike and unemployment.

Yet, by providing subsidies and relief, to the order of 109 billion rupees in oil, power, edibles, safety net and salaries and pensions, an effort has surely been made to improve the lot of the people.

Seemingly, the plan to set up Utility Stores at Tehsil level and to introduce mobile Utility Stores will contribute towards reducing the economic burden of the common man.

The increase in the taxable income, from Rs 1 lac to Rs 1.5 lac, raise in the minimum wages from Rs 3000 to Rs 4000, fixation of age at 60 years from 65 years to qualify benefits of senior citizens, provision of Dearness Allowance for government servants and 15/20 per cent raise in pensions and raise in profit on National Savings Schemes and prize bonds, are all positive measures to provide relief to the middle and lower middle-classes of society, which will go a long way in contributing towards reduction in poverty level in the country.

The unprecedented escalation of oil prices, in the international market and devastations caused by the October 8 earthquake were obviously a major set-back to the national economy.

However, it’s encouraging that, the economy has withstood the pressure primarily because of the Government’s prudent fiscal policies.

Paradoxically, the health and education sectors have, not received due attention in the budget, although the two sectors are fundamental in the social welfare concept.

Nevertheless, an assurance by Prime Minister Shaukat Aziz, that no mini budget will come during the year, is certainly morale boosting.

We would, however like to pin-point the a vital need, to restrain the regulatory authorities for petrol, gas and electricity, not to ignore the objective realities of the masses’ purchasing power while revising the utilities’ prices.

It would, pragmatically, be befitting, if the government issues strict and stern instructions to such bodies to eschew, any more increase in the price index of petrol and allied petroleum products, as unabated rising trend on this account has given a big jerk and jolt to the people, with have-nots’ atop, via non-stop price-hike of all sorts of commodities of daily-use.

This would, of-course help achieve the real essence of the Budget, which is being, logically, phrased as ‘peoples’ friendly’ and development-oriented.●