Federal Budget 2020-21
On June 12, Federal Minister for Industries and Production, Hammad Azhar, presented in National Assembly the federal budget for the financial year 2020-21, having a total outlay of Rs7.137 trillion as against Rs3.70 trillion worth of net federal revenue, leaving a deficit of Rs3.43 trillion which comes to something around 7% of the GDP. That the net federal revenue is not even enough to cater to two major liabilities of the federal government – defence Rs1.28 trillion and debt servicing Rs2.94 trillion, equalling Rs4.22 trillion – speaks of the hollowness of the government coffers. The total revenue, however, is estimated at Rs6.57 trillion, including Rs4.96 trillion tax revenue and Rs1.61 trillion non-tax revenue. It’s the Rs2.87 trillion worth of provincial transfers under the NFC Award that reduces the federal revenue to Rs3.70 trillion.
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