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00:00For this purpose, we will increase our income through a fair tax policy and reduce unnecessary expenses.
00:08But while reducing this, we will not bring any reduction in the expenses related to human development, social protection, and climate resilience.
00:20We have to take steps to make energy viable.
00:24In these steps, reducing the cost of production is extremely important.
00:28We have to implement SOEs 9 and privatization.
00:32We have to sell to the private sector through good governance and level playing field.
00:37The purpose of all these steps is to solve the permanent problem of excess income and expenses.
00:44Mr. Speaker, I would like to talk about the government's most important priority, i.e. the reduction in inflation.
00:51One year ago, the rate of poison was 38%, while the rate of food inflation was 48%.
00:58The low-income class was facing severe difficulties.
01:02I am happy to say that as a result of the better economic governance, there has been a significant reduction in inflation.
01:09In May 2024, the consumer price index was 11.8%, while the food inflation was only 2.2%.
01:18The government has worked tirelessly to bring inflation to a single digit.
01:22We will continue these efforts.
01:27It is unfortunate that Pakistan is far behind other countries in terms of tax and GDP ratios.
01:34This is why reforms in the tax system are extremely important for our economic success.
01:40I am happy to say that many successful steps have already been taken in the FBR.
01:47The Prime Minister has paid close attention to digitalisation, tax policy and administrative reforms in the FBR.
01:54He has clearly instructed that people who are already in the tax net should not be burdened.
02:01In fact, they should be brought into the tax net.
02:04We introduced the Tajit Dost scheme, which aims to register retailers, wholesalers and dealers.
02:12I am happy to say that the scheme is moving forward successfully with the registration of 30,400 retailers.
02:22In the coming time, the FBR will speed up its efforts to bring people into the tax net.
02:29The existing data will be used effectively in this regard.
02:34The Government of India is working closely with the governments of the provinces to increase the total resources of the country.
02:48To support these efforts, we are proposing a comprehensive national pact with all the provinces.
02:56We are the only way to achieve the goal of self-sufficiency.
03:02Our consultation with the provinces is ongoing in this regard.
03:06As mentioned earlier, the lack of government spending is the second most important factor in reducing financial losses.
03:18We are reducing unnecessary expenses.
03:21The government is bringing reforms to the pension system.
03:24I will explain the details of this in the next part of my speech.
03:28The Government of India is proposing to eliminate all unemployed people.
03:32This will save 45 billion rupees annually.
03:37A high-level and authoritative committee has been formed to reduce the government's expenditure.
03:48This committee will review the government's policies and will present its recommendations to the Cabinet in the next two and a half months.
03:55The Prime Minister has announced the first step to close the PWD court.
04:04To speed up business activities in the country and to make it easier to increase revenue, the regulatory framework is extremely important.
04:13Under the Board of Investments, the Pakistan Regulatory Modernization Initiative has been initiated.
04:21The aim of this initiative is to make the government's regulatory framework easier and to improve the business environment through automation,
04:28so that the speed of capital, revenue and economic development can be increased.
04:34A large part of the budget of any government is spent on the procurement of goods and services.
04:39The procurement system can be improved and the resources can be saved.
04:47According to research, the government's expenditure can be reduced by 10 to 20 percent through e-procurement.