47. Pakistan Economic Survey 2011-12 - Consultancy Services in ...

Pakistan Economic Survey 2011-12Additional Resources to less developed areasin 4 years: It included (i) Rs 32 billion toGilgit-Baltistan in 2 years (ii) Rs 71 billion toAJK and (iii) Rs 110 billion to FATAPublic Sector Development Program: PSDPover a period of 4 years was Rs 2.2 trillion.Current year’s PSDP outlay is Rs 730 billionas compared to Rs 480 billion last year. It wasspent to complete 657 projects in 4 yearsPeoples’ Works Program: Rs 130 billion wereearmarked under Peoples Works Program-II(Rs 110 billion) and Rs 20 billion under PWP-Iin 4 years for implementation of hundreds ofschemes for electrification, gas supply, road,water supply and sanitationCitizens’ Damages Compensation Program:Federal Government provided Rs 42 billion tothe flood affecteesSubsidies: Over the 4 years, Government hasprovided so far (i) over Rs 1122 billiontowards tariff differential subsidy to maintainthe notified tariff lower than the determinedtariff (ii) Rs 104 billion in petroleum subsidy(iii) Rs 110 billion for fertilizer subsidy and(iv) Rs 137 billion in food subsidy. In addition,the Government lost Rs 136 billion in revenueby adjusting the petroleum levy downwardBenazir Income Support Program: Additionalresources of Rs 178 billion allocated fordisbursement through BISP to vulnerablegroups including Rs 153 billion from thebudget Benazir Employees Stock OptionProgramme: Under this scheme, 12 percentshares of 80 State Owned Enterprises weretransferred to 500,000 employees of thoseSOEs making them shareholder Internship Program: The Government alsoprovided 100,000 internship to Master degreeholders paying them Rs 10,000 per month Railways: Railway was provided Rs 119billion over the last 4 years; Rs 85 billionunder current budget and Rs 34 billion fordevelopment budget Energy Sector: Government injectedprofessionalism in power sector byrestructuring Board of Directors of some PSEs,initiated alternate energy program, put hardbudget constraint and resolved circular debtissue partiallyTax Simplification: The government tookmany steps to (i) simplify the taxation system(ii) minimum tax slab increased from Rs100,000 to Rs 350,000 (iii) expanding the taxbase by bringing new tax payers in the net (iv)improve the tax administration (v) SpecialExcise duties were eliminated (vi) gradualelimination of federal excise duty (vi)abolishing regulatory duties on 392 items (vii)elimination of zero ratings on key sectorsDoubling the FBR Tax Revenues: As a resultof these efforts, FBR revenue has moved fromRs 1 trillion in 2007-08 to around Rs 2 trillionin 2011-12.xii