Minister congratulates nation on people friendly budget, maximum relief to low-income class
ISLAMABAD, Jun 12 (APP):Federal Minister For Maritime Affairs Qaiser Ahmed Sheikh on Wednesday while congratulating nation said that the budget 2024- 2025 is a balanced one and provides maximum relief for the people low income salaried classed of the country. He said the budget specially envisages special initiatives for the uplift of agriculture, industries, and IT sectors, besides, relief for various segments of society including the salaried class. “The government in budget also focused on export, equity, empowerment, environment, and energy under the 5-E framework,” he added. He also congratulated Prime Minister Shahbaz Sharif and Federal Finance Minister, Muhammad Aurangzeb for presenting a balanced and pro-people budget. “No doubt, Federal Fiscal Budget for Year 2024-25 had fulfilled the expectations and hopes of the common people, he added.
Source:The Nation
June 12, 2024 17:12 UTC
Govt unveils Rs18.877 trillion budget with record development fund, salary hikes
This means that individuals earning up to Rs100,000 per month will now pay a monthly tax of Rs2,500, up from Rs1,250. Thus, individuals with a monthly salary of Rs183,344 will now face a monthly tax of Rs15,000, up from Rs11,667. This means that individuals with a monthly salary of Rs341,667 will now pay a monthly tax of Rs53,333, up from Rs47,408. The undocumented economy will be brought under the tax net through digitisation, with the FBR introducing personal income tax reforms. The FBR will impose personal income tax on incomes exceeding Rs600,000 annually, ensuring higher incomes are taxed more.
Source:The Express Tribune
June 12, 2024 17:11 UTC
Agriculture sector records robust growth
The agriculture sector in Pakistan witnessed robust growth in 2023-24, with an overall increase of 6.25%, contributing significantly to the economy, according to the finance minister. During 2023-24, cotton cultivation increased to 2.4 million hectares from 2.1 million hectares last year, showing a growth of 13.1%. Sugarcane, however, saw a decrease in cultivation area by 10.5%, from 1.3 million hectares last year to 1.2 million hectares this year. Maize cultivation decreased by 4.5%, from 1.7 million hectares last year to 1.6 million hectares this year. Wheat, the staple crop, saw an increase in cultivation area to 9.6 million hectares from last year’s 9.0 million hectares, showing a growth of 6.6%.
Source:The Express Tribune
June 12, 2024 16:16 UTC
2023 report: HRCP seeks measures to ensure human rights protection
Peshawar - The Human Rights Commission of Pakistan (HRCP) on Tuesday called upon the government to take measures for the protection of human rights. The demand was made as HRCP Vice-Chairman for Khyber Pakhtunkhwa chapter Akbar Khan and other office-bearers released the report about KP for the year 2023 at the Peshawar Press Club. The report pointed to killings, health, climate crisis and public unrest in KP last year. Akbar Khan said the report highlighted some distressing incidents in KP in the year 2023. The HRCP report said the rights of the citizens guaranteed by the constitution were violated after the May 9 violence when arrests were made.
Source:The Nation
June 12, 2024 15:54 UTC
Extreme Heat Wave in South Asia
South Asia experienced exacerbated heat waves in May. There were extreme high temperatures in the regions of India and Pakistan, with temperatures estimated at 57.6 degrees Celsius in Delhi and 56.5 degrees Celsius in Sindh. These high temperatures and heat waves have significantly affected people’s lives by increasing health issues and socio-economic challenges. The extreme heat has also disrupted the socio-economic system in South Asia. Additionally, it is recommended that the Pakistani government find alternatives to energy shortfalls by adopting solar energy, hydropower, and wind energy.
Source:The Nation
June 12, 2024 11:55 UTC
WATCH: Kate Middleton makes rare public appearance with husband Prince William
The future king traveled by train, with Kensington Palace sharing photos and videos of the journey on social media. Later, the palace also released a sweet throwback video of Kate and William from their previous visit to the area in September last year. In the video, Kate Middleton is seen smiling as she supports Prince William. Commenting on it, Prince William said, “Great to visit and meet the team last September.”Prince William also remarked, “Seaweed is an abundant resource and a potential solution to some of the biggest environmental problems felt across the world—from plastic pollution to climate change—and with so much already happening in Wales, what better place to ‘sea’ more today!”
Source:Pakistan Today
June 12, 2024 09:16 UTC
Easing the Burden
Since the beginning of January, when inflation started to decline, the bank has been bucking increasing pressure to begin reversing monetary tightening. Raising interest rates couldn’t continue indefinitely without hurting the economy, according to those who opposed the bank’s stringent policy position. It also coincides with the budget announcement and the ongoing negotiations between the government and the IMF for another bailout package. The bank is clear about the prognosis, saying that any potential interest rate reductions will be contingent upon budget evaluations and IMF interventions. As of right now, the bank is purported to have simulated the IMF measures and the budget using known parameters.
Source:The Patriot
June 12, 2024 09:05 UTC
We are going into a lot of recession in the industrial sector, Naeem Siddiqui
Governance system is badly affected, no one is willing to take responsibility; Ehsan Khokhar, If the people are dying of hunger, why do they give so many privileges to the rulers? ; Khadim Ali Mandla,Islamabad: Economist Naeem Siddiqui’s conversation in Sachi Baat program with SK Niazi, Finance Minister Muhammad Aurangzeb admitted that he could not achieve economic targets, we are going into a lot of recession in the industrial sector, our growth rate used to be better than Vietnam, Bangladesh, India, the government will not pay attention to its expenditure and revenue, the economy will not improve, why is the export of our neighboring countries increasing we have to think. FBR and NADRA have records of every person. Hafiz Ehsan Khokhar said in Sachi Baat program, Since the advent of social media, every country in the world has set its own laws, all electronic media are bound by the Code of Conduct, that social media is the cause of the biggest upheaval in the society. Economic pressure on the government is increasing, people are angry, to improve, we have to look into our necks, mixing in everything is done by the people themselves, not by the government, Economist Malik Bostan said in Sachi Baat program.
Source:The Patriot
June 12, 2024 09:05 UTC
KP Governor for revival of DIK Int’l Airport
During the meeting, Deputy Director General Civil Aviation Sadiq Rehman provided a detailed briefing on the DI Khan International Airport. Kundi meets Rana TanveerThe KP Governor on Monday met Federal Minister for Industry and Production and National Food Security Rana Tanveer Hussain in Islamabad and discussed issues of mutual interest, agricultural and industrial development in the province. Balochistan CM calls on KP GovernorBalochistan Chief Minister, Mir Sarfaraz Bugti Monday called on Khyber Pakhtunkhwa Governor, Faisal Karim Kundi and discussed matters of mutual interest. The Governor highly lauded the people welfare efforts of the Chief Minister in the province, said a statement issued by the Governor House. Sarfaraz Bugti invited the governor to visit Balochistan during a meeting held in the federal capital.
Source:The Nation
June 12, 2024 00:53 UTC
Pakistan Economic Survey for 2023-24 unveiled
Finance Minister Muhammad Aurangzeb has unveiled the Economic Survey of Pakistan 2023-24 – an yearly exercise before the presentation of budget – as the government has revealed its intentions for the next fiscal year after the National Economic Council (NEC) approved a massive increase in its Public Sector Development Programme (PSDP) budget for the next fiscal year. Addressing a press conference in Islamabad, Finance Minister Muhammad Aurangzeb announced that revenue collection for the fiscal year 2023-24 saw a 13 percent rise compared to the previous year. He highlighted that the GDP growth rate was 2.38%, falling short of the target due to ongoing economic challenges. The economic survey also indicated that the rupee depreciated by 29% during the fiscal year. The finance minister said that the large scale manufacturing sector faced significant setbacks due to inflation, increased energy costs, and other issues.
Source:The Nation
June 11, 2024 19:51 UTC
Going slowly?
The decline in inflation has been precipitate, which implies that a deeper rate cut might not prevent the inflation genie from escaping the bottle. Further, with a possible increase in the General Sales Tax, the policy rate needed to be set with the probable inflationary effects in view. However, the National Economic Council held its pre-Budget meeting and approved a development budget of Rs 3.792 trillion. That is where the policy rate should be, around the time it is achieved. Investment includes government development spending, so if the PDSP is cut, GDP growth is reduced.
Source:Pakistan Today
June 11, 2024 17:13 UTC
GSMA Digital Nation Summit to be held on August 7
ISLAMABAD, Jun 11 (APP): Minister of State for Information Technology, Shaza Fatima on Tuesday said that the GSMA Digital Nation Summit would be held on August 7, marking a milestone in Pakistan’s journey towards a digitally empowered nation. She shared these views while chairing a curtain-raiser meeting for the ‘GSMA Digital Nation Summit’ at the Ministry of IT, according to a news release. She affirmed the government’s commitment to supporting digital innovation and infrastructure development. The GSMA Digital Nation Summit is seen as a testament to the collective commitment to a digital future. The meeting was attended by Secretary IT Captain (Retd) Muhammad Mahmood, Head of GSMA APAC Julian Gorman, and Country Lead GSMA Saira Faisal.
Source:The Nation
June 11, 2024 16:50 UTC
Hot, dry weather likely in most parts of country: PMD
ISLAMABAD - Pakistan Meteorological Department (PMD) has forecast mainly hot and dry weather for most parts of the country during the next 24 hours. While very hot weather is expected in central/southern plain areas. Partly cloudy weather with light rain/thunderstorm is likely at isolated places in Gilgit-Baltistan and upper Khyber Pakhtunkhwa during evening/night. A shallow westerly wave was present over northern parts of the country. During the last 24 hours, hot and dry weather prevailed over other parts of the country while very hot in southern parts.
Source:The Nation
June 11, 2024 16:41 UTC
Exports to reach $4 billion: Rice exports soar amid bumper harvest
photo: fileDue to the bumper production of 9 million tonnes of rice in the country, 5 million tonnes worth $3.5 billion have been exported from Pakistan so far. By the end of this year, the volume of rice exports from Pakistan is expected to reach $4 billion. This was stated by the Chairman of the Rice Exporters Association of Pakistan (REAP), Chellaram Kewali, while addressing a press conference on Monday along with former REAP Chairman Rafiq Sulaiman. He also mentioned that opportunities are available for Pakistani rice exporters in new markets such as Mexico, Russia, and the Philippines. Pakistani rice was delayed in reaching Kenya due to the Red Sea crisis, forcing shipments to take a longer sea route.
Source:The Express Tribune
June 11, 2024 13:28 UTC