Latest news with #Rs6.2
Express Tribune
07-06-2025
- Business
- Express Tribune
Govt walks a tight rope
FDI in various sectors, including power, oil and gas exploration, financial, and petroleum refinery sectors, witnessed a 6.4-fold increase, reaching $211 million in December 2023 compared to $33 million last year. photo: afp Listen to article The government will walk a tight fiscal rope in the next fiscal year, too, as it plans to unveil the second budget on Tuesday envisaging a federal budget deficit of Rs6.2 trillion or 4.8% of size of the economy. The total size of the budget is expected to be around Rs17.6 trillion, which is 7.3% less than this year's original budget due to relatively lower allocations for the interest payments in fiscal year 2025-26, according to the Finance Ministry's budget estimates. The government sources said that the proposed budget deficit is 2% of the GDP or Rs2.3 trillion less than the original estimates of this fiscal year. The deficit may still be appearing large in absolute terms. But it is, for the first time, lower than this year's gap, both in terms of size of the economy and in absolute numbers. The tight budget envisages fiscal consolidation of 2% of GDP, as the government is planning to set the budget deficit target at 4.8% of GDP, the sources said. This will be 2% of GDP or Rs2.6 trillion lower than this fiscal year's target. Finance Minister Muhammad Aurangzeb will deliver his second budget speech on June 10. The expenditure path is known to be narrower and predicted. However, it seems that the government may again adopt the business as usual approach on the revenue front, which is unsustainable and puts the country's marginalized salaried class and corporate sector at risk of being insolvent. The fiscal consolidation is the need of the hour but it will drastically reduce the government's ability to spend due to no space left for any productive spending after making payments for the interest servicing and defense. However, whatever space is left is not prudently used and the sources said that the quality of spending becomes poorer with large allocations for provincial projects, discretionary spending on the schemes recommended by the Parliamentarians at the expense of space technology and atomic energy programmes. The sources said that the fiscal consolidation is again planned to be achieved by putting more burden on the people, directly as well as indirectly. The government is projecting gross federal revenues at record Rs19.4 trillion for next fiscal year, higher by Rs1.6 trillion. The gross revenues are based on the Federal Board of Revenue's tax target of Rs14.13 trillion and Rs5.2 trillion non-tax revenues. The non-tax income will mainly come from the Petroleum Levy, which the government wants to increases to nearly Rs100 per liter, and the profit by the State Bank of Pakistan. The sources said that like this fiscal year, the FBR may remain the weak area in the next fiscal year, too, despite the required growth to achieve the goal will be far lower than this year. The new tax collection target will become challenging from first day of next fiscal year because the FBR will not be able to achieve even the downward revised target of Rs12.3 trillion, said the sources. This will erode the base of new tax target. Prime Minister Shehbaz Sharif tried everything to put the FBR house in order but all those measures backfired. The FBR's ability to predict revenue estimates is also not up to the mark and this year the World Bank experts helped in projecting numbers, said the sources. Out of the Rs14.1 trillion FBR tax collection, the provinces will get Rs8 trillion as their shares in the federal taxes under the National Finance Commission award, the sources added. This leaves the federal government with Rs11.4 trillion net revenues for next fiscal year, which will not be sufficient to meet the interest payments and inclusive all defense spending, according to the government sources. The government will borrow Rs6.2 trillion in the next fiscal year to finance the Rs17.6 trillion total federal budget. Under the IMF programme, the four provinces are also required to save Rs1.33 trillion from their revenues as cash surplus to bring down the national budget deficit to Rs4.8 trillion or 3.7% of GDP, the sources said. This is steeper fiscal consolidation and would require all the five governments to meet all their revenue and expenditures related targets. The four provinces have indicated nearly Rs2.9 trillion for their development spending in the next fiscal year. This is Rs850 billion more than what the IMF has allowed to spend to the four provinces under the national fiscal framework. Punjab has indicated Rs1.2 trillion record spending on development, followed by Rs995 billion by Sindh.
Express Tribune
29-05-2025
- Business
- Express Tribune
NA panel reviews PTV performance
The National Assembly Standing Committee on Information and Broadcasting met on Thursday at PTV Headquarters under the chairmanship of MNA Pullain Baloch to discuss matters related to Pakistan Television (PTV). The committee was informed that PTV earned Rs7.5 billion in advertising revenue in FY 202324, surpassing its target of Rs6.2 billion. The revenue target for the current year is also expected to be met. Despite this, PTV continues to face financial challenges. A major portion of the Rs10 billion collected through the TV licence fee in electricity bills is reportedly used for salaries and pensions. The management attributed delays in salary payments to diverted funds for international financial obligations and the purchase of international media rights. The committee was also briefed on increased viewership resulting from programming enhancements and new on-screen talent, as well as ongoing efforts to upgrade the pension management system in collaboration with the Punjab Information Technology Board. Details of non-performing and politically appointed employees laid off during the current restructuring process were also shared. Addressing the delayed allotment of plots to journalists in Islamabad's Sectors F-14, F-15, and Bhara Kahu, the committee directed the Ministry to complete application scrutiny and resolve related grievances within two months. On the PEMRA (Amendment) Bill 2025, moved by MNA Asia Naz Tanoli, the committee reviewed the report submitted by its sub-committee headed by MNA Mehtab Akbar Rashdi. PEMRA was directed to provide its feedback on the recommendations. The committee instructed PTV, Pakistan Broadcasting Corporation (PBC), and Shalimar Recording and Broadcasting Company (SRBC) to ensure disbursement of salaries and pensions to all employees before the upcoming Eid. Earlier, the committee unanimously passed a resolution praising the professionalism of Pakistan's armed forces in defending national sovereignty against Indian aggression.
Hans India
24-05-2025
- Business
- Hans India
Adani Group doubles capex commitment to `1 trn in NE region
New Delhi: Billionaire Gautam Adani on Friday committed to investing an additional Rs50,000 crore over the next 10 years in green energy, road construction and creating digital infrastructure in the North Eastern states as his conglomerate looks to expand its presence in the east. This investment is on top of Rs50,000 crore that his group had committed to investing in Assam in February. Speaking at the Rising NorthEast Investors Summit here, the head of ports-to-energy conglomerate said his group's initiative will prioritise local jobs, local entrepreneurship and community engagement. 'Three months ago, in Assam, we pledged an investment of Rs50,000 crore. Today, once again, humbled and inspired by your leadership, I announce that the Adani Group will invest an additional Rs50,000 crore across the Northeast over the next 10 years,' he said in the presence of Prime Minister Narendra Modi. The investments will span green energy, including smart-meters, hydro, pumped storage, power transmission, roads & highways, digital infrastructure, logistics, as well as capacity-building through skilling and vocational training centres. 'But more than infrastructure, we will invest in people. Every initiative will prioritise local jobs, local entrepreneurship, and community engagement. This is what Viksit Bharat 2047 is all about,' he said. Adani said over the past decade, in the hills and valleys of the Northeast, a new chapter in India's growth story is unfolding. 'A story rooted in diversity, resilience, and untapped potential,' he said. 'This region is now a source of our cultural pride, economic promise, and strategic direction.' And behind this rise is the vision of Prime Minister Narendra Modi, who recognised no borders, only beginnings, he said. 'When you said, 'Act East, Act Fast, Act First, ' you gave the Northeast its wake-up call.' This has been reflected in 65 personal visits by the Prime Minister, Rs6.2 lakh crore of investment since 2014, doubling the road network to 16,000 kms and doubling the number of airports to 18. 'This is not just policy. It is your hallmark of big thinking. It is the hallmark of your belief system. It is the hallmark of your conviction in Sabka Saath - Sabka Vikas!,' he said.
India Gazette
23-05-2025
- Business
- India Gazette
Adani group to invest Rs 1 lakh crore in North East over 10 years: Gautam Adani
New Delhi [India], May 23 (ANI): Chairman of Adani group, Gautam Adani on Friday announced a massive investment of Rs 1 lakh crore across different regions of the North-Eastern part of the country over a period on next 10 years. This invemnet will double the Rs50,000 crore investment announced by the Adani Group just three months ago at the Advantage Assam 2.0 summit in February, according to the press release by Adani at 'Rising Northeast Investors Summit' in New Delhi, Gautam Adani said, 'Three months ago, in Assam, we pledged an investment of Rs50,000 crore. Today, once again, humbled and inspired by your leadership, I announce that the Adani Group will invest an additional Rs50,000 crore across the Northeast over the next 10 years.' The Adani Group Chairman further mentioned that the prime focus of Adani Groups investment will be on green energy, along with 'smart-meters, hydro, pumped storage, power transmission, roads & highways, digital infrastructure, logistics, as well as capacity-building through skilling and vocational training centres.''But more than infrastructure, we will invest in people. Every initiative will prioritize local jobs, local entrepreneurship, and community engagement,' said Gautam appreciated Prime Minister Narendra Modi vision for the North East and said 'Behind this rise is the vision of one leader who recognized no borders, only beginnings. Hon'ble Prime Minister, when you said, 'Act East, Act Fast, Act First,' you gave the Northeast its wake-up call,' Over last ten years since 2014, Adani group has invested Rs6.2 lakh crore in North Easters states, Adani group chairman said. He further added that, North-East has witnessed 'doubling the road network to 16,000 kms' and 'doubling the number of airports to 18.' He said recently, the Adani Group-owned Guwahati Airport managed 3.26 million domestic arrivals and 3.30 million domestic Gautam Adani, Union Minister for Communications and Development of North Eastern Region, Jyotiraditya M Scindia, highlighted the transformative progress of the North Eastern states over the last decade under the leadership of Prime Minister Narendra past infrastructure gaps, the minister shared that N-E region once had only nine airports, and two states lacked any airports at PM Modi's leadership, the number of airports in North east has risen to seventeen, giving the region a new thrust in connectivity and economic integration. (ANI)
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Adani Group to invest ₹1 lakh crore in northeast over 10 years: Gautam Adani
Chairman of Adani group, Gautam Adani on Friday announced a massive investment of ₹1 lakh crore across different regions of the North-Eastern part of the country over a period on next 10 years. This investment will double the ₹50,000 crore investment announced by the Adani Group just three months ago at the Advantage Assam 2.0 summit in February, according to the press release by Adani Group. Speaking at 'Rising Northeast Investors Summit' in New Delhi, Gautam Adani said, "Three months ago, in Assam, we pledged an investment of Rs50,000 crore. Today, once again, humbled and inspired by your leadership, I announce that the Adani Group will invest an additional Rs50,000 crore across the Northeast over the next 10 years." The Adani Group Chairman further mentioned that the prime focus of Adani Groups investment will be on green energy, along with "smart-meters, hydro, pumped storage, power transmission, roads & highways, digital infrastructure, logistics, as well as capacity-building through skilling and vocational training centres." "But more than infrastructure, we will invest in people. Every initiative will prioritize local jobs, local entrepreneurship, and community engagement," said Gautam Adani. He appreciated Prime Minister Narendra Modi vision for the North East and said "Behind this rise is the vision of one leader who recognized no borders, only beginnings. Hon'ble Prime Minister, when you said, "Act East, Act Fast, Act First," you gave the Northeast its wake-up call," Over last ten years since 2014, Adani group has invested Rs6.2 lakh crore in North Easters states, Adani group chairman said. He further added that, North-East has witnessed "doubling the road network to 16,000 kms" and "doubling the number of airports to 18." He said recently, the Adani Group-owned Guwahati Airport managed 3.26 million domestic arrivals and 3.30 million domestic departures. Before Gautam Adani, Union Minister for Communications and Development of North Eastern Region, Jyotiraditya M Scindia, highlighted the transformative progress of the North Eastern states over the last decade under the leadership of Prime Minister Narendra Modi. Recounting past infrastructure gaps, the minister shared that N-E region once had only nine airports, and two states lacked any airports at all. Under PM Modi's leadership, the number of airports in North east has risen to seventeen, giving the region a new thrust in connectivity and economic integration.
