In the latest fiscal year’s budget, the federal government has earmarked Rs2.122 trillion for defense expenditures, marking a notable rise in defense spending.
This allocation reflects a nearly 14.99% increase compared to the previous year’s budgetary allocation for defense.
Last year, the government had allocated Rs1.804 trillion for defense in the fiscal year 2023-24, representing a 13% increase over the revised allocation for the preceding year.
The defense budget for the previous fiscal year accounted for approximately 1.7% of the GDP and constituted 12.5% of the total planned government expenditure for the upcoming year.
This allocation underscores the government’s commitment to bolstering national security and defense capabilities amidst evolving geopolitical dynamics.
Amidst opposition protests, Finance Minister Muhammad Aurangzeb unveiled the Federal Budget 2024–25 amounting to Rs18.887 trillion during the National Assembly session, which commenced with a delay amidst noisy demonstrations.
Members of the Sunni Ittehad Council (SIC) staged a protest, encircling the NA speaker’s podium and voicing dissent against the government’s budgetary policies. Despite the uproar, copies of the budget were distributed to parliamentarians, each finding its place at their designated seats.
The federal cabinet, in a meeting, gave its nod to the budget for the financial year 2024-25. Additionally, packages aimed at supporting farmers, youth, and industries were also approved during this session.
Reports indicate that the Prime Minister sanctioned a 25% increase in salaries and pensions for employees in grades 1 to 16, while government officers in grades 17 to 22 will see a 20% hike in their remuneration.
