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Escalation of the economy with poverty
Escalation of the economy with poverty
The finance minister ( Shaukat Tarin) has said that the industries and service sectors had helped the country post GDP growth of 3.94 percent in the first 9 months of the fiscal (July to March), significantly higher than the target of 2.0 percent. However, the prime minister has announced that he will not ramp up the salary of government employees until the economy is stable.
Today, according to the finance minister, the economy is stable. Nevertheless, the citizens are confronting problems to spend less than needed as their salary has not been escalating for 3 years, but the taxes are increasing which is too harsh for people to pay.
The Rs 7.18 trillion tax-free budget which was announced by the federal minister for industries Hammad Azhar in the national assembly seemed to have used COVID-19 more to cover up the problems. Some taxes on tobacco and surgery beverages have been increased but it failed to tax even on luxury vehicles or other similar nature items.
By this fiscal policy, the government is trying to manage it with economic balance and business and implementing the taxes on individuals. And the disappointing aspect was Education, health and government employers salary. Due to COVID-19 mass unemployment has risen so high, food crisis, and poverty as it was the time for the government to find balance for citizen’s lives.
This is peculiar that the government would like to make the country developed without citizens of the unimaginable country. The country will never develop until the citizens will have prosperous lives with facilities. That’s why the government should implement organizations with which the citizens must persist.