The government of Pakistan just unveiled its yearly budget for 2023-24. In this Budget 2023-24, Pakistan has taken a number of steps toward improving the country’s economy. So that Pakistan’s economy can recover and the country can emerge from its current financial crisis. The goal of this budget is to finally put an end to poverty in Pakistan.
In order to help the unemployed find work, and to increase the implementation of IT systems, Utilizing cutting-edge agricultural technologies, Pakistan hopes to boost its crop yields. Pakistan’s defense industry needs to be fortified, therefore reduced drug prices and expanded access to healthcare for the poor are only two of the health-related budget priorities for this year. Better efforts have been done for SMEs in Budget FY 2030-24 to make doing small business easier for us.
There have also been positive developments in the industrial sector, which bodes well for future export growth for Pakistan. Both current and retired government workers have seen raises in their salaries and pensions. There are a number of initiatives aimed at bettering schooling that are funded by this budget. The BISP program’s aid to the poor and jobless has also been raised, this time to the tune of $400 billion.
BISP Financial Plan and Budget for 2023–24:
The Government of Pakistan has made the Benazir Income Support Program a priority in its efforts to reduce poverty. Many programs in Pakistan are active under the BISP 8171 Program. The purpose is to eliminate poverty and joblessness in Pakistan. The Benazir Income Support Program’s budget for the fiscal year 2023–24 has been enhanced to allow for its expansion.
In order that more and more low-income Pakistanis may participate in this initiative. The BISP budget for the upcoming fiscal year (2023 2024) has increased by 40 billion from the previous fiscal year’s allocation (2022 2023) of the same name. Which current government initiative has done the most to help Pakistan’s poor?
25% Budget Increase for BISP 2023-24:
In the 2022-23 budget, the Benazir Income Support Program received 360 billion rupees. Benazir Income Support Program 8171 has seen a rise of 40 billion rupees, to a total of 400 billion rupees, in the budget, 2023-24, submitted by the current government of Pakistan. The Pakistani government has proposed allocating an additional Rs 450 billion to the Benazir Income Support Program during the upcoming fiscal year.
Budget for BISP Programs:
According to the Benazir Income Support Program, many benefits are offered to poor people in many sectors of Pakistan. The following are some of the major schemes that are part of the BISP program:
- BISP kafalat program:
During the fiscal year 2023-24, 9300000 Pakistani families will get cash from the Benazir Kafalat program at the rate of 8750 rupees every quarter. That amounts to 8750 rupees (about $135) every three months for those who qualify for the BISP 8171 scheme. The Benazir program will receive 346 billion rupees in the 2023-24 budget.
- Benazir Nashonuma Program:
Across all of Pakistan, the Benazir Nashonuma Program will remain active. About 15,000,000 Pakistani youngsters are eligible to receive aid now. The Benazir Nashonuma Program has been allotted 32 billion rupees in the 2023-244 yearly budget. The BISP Nashonuma Program helps expectant mothers and young children up to the age of two.
- Benazir Taleemi Wazaif Program:
The number of youngsters receiving scholarships under the Benazir Education Scholarship Program has increased from 6 million to 83 lakh. The percentage of female students is required to be at least 52%. Benazir Taleemi Wazaif is funded at a level greater than 55 billion rupees in the 2023-24 budget.
The Benazir Taleemi Wazaif Scholarship Program was created to give deserving low-income students a boost. For their own sake and for the sake of Pakistan’s future, it is imperative that they keep up with their academic peers.
- Benazir Undergraduate Scholarship:
Benazir undergraduate scholarships should be awarded to almost 92,000 students. The budget for 2023-24 allots 6 billion rupees.
It’s encouraging that Pakistan is looking to enhance funding for the Benazir Income Support Program. It will aid in poverty alleviation, employment creation, and economic growth. There may be far-reaching consequences for the country and its economy as a result of this influx of funds.