Tag: youth

  • Govt unveils Rs9.5 trillion budget 2022-23, focused on sustainable growth

    Govt unveils Rs9.5 trillion budget 2022-23, focused on sustainable growth

    The federal budget for 2022-23 has been revealed with a total outlay of Rs9,502 billion. It includes measures for sustainable economic growth, industrial and agricultural development, and aid for the poor ones.

    Finance Minister, Miftah Ismail began his address by claiming that the PTI administration had left Pakistan’s economy in shambles and harmed investor confidence by often switching finance ministers and monetary policies.

    He slammed former Prime Minister Imran Khan, claiming that he never cared about the poor, claiming that “keeping an eye on potato and tomato prices is not a PM’s duty”.

    He claims that the governing party took control of the country despite the fact that it will have to make difficult decisions to save the economy, which will affect their individual parties’ appeal, but they chose to put the country’s interests ahead of their own.

    Relief for working class and the poor

    He claimed that the budget is geared at providing greater relief to the working class and the poor, as opposed to the wealthy, because the working class prefers to buy local products over foreign ones, boosting the economy.

    Budget 2022-23, according to Miftah Ismail, will concentrate on offering facilities to farmers planting crops that supply cooking oil, such as corn and sunflower, so that the country does not need to import palm oil, which is at an all-time high in the worldwide market.

    Slashing furniture, stationary expenses in govt offices

    Considering the current economic downturn, the administration has decided to restrict operational expenditures to the absolute minimum, and that new furniture and stationary for government offices will be completely prohibited. Other than obligatory diplomatic visits, all government-sponsored foreign trips will be prohibited.

    Education

    The government has set aside Rs65 billion for the Higher Education Commission (HEC) in the current budget. In addition, the HEC has been granted Rs44 billion for development programmes, which is 67 per cent more than the previous year.

    Miftah Ismail said that this is a demonstration of our commitment to the youth. We are encouraging provinces to completely fulfill their obligations in terms of higher education promotion in the coming years, he said. The HEC budget includes 5,000 scholarships for Balochistan and tribal district students. He added that a unique scholarship programme has been introduced for Balochistan’s coastal communities.

    The Finance Minister said that 100,000 laptops would be provided to students around the country on affordable instalments. Funds have also been set aside for the purchase of cutting-edge equipment to improve engineering and technology education.

    15 per cent Increase in govt employees’ salaries

    In Budget 2022-23, Miftah Ismail announced a 15 per cent increase in government employee salaries, as well as the merger of adhoc allowances.

    He said that the tax on savings certificates, pensioners’ benefit accounts, and martyrs’ family assistance accounts had been reduced from 10 per cent to 5 per cent.

    Small merchants will be subject to a new fixed income and sales tax regime, according to the Minister. Electricity bills would be used to collect taxes ranging from Rs3,000 to Rs10,000 under this method. This will be a final agreement, and FBR will have no right to inquire about the tax.

    According to Miftah Ismail, a proposal has been made to increase initial depreciation rates for industries and other businesses from 50 per cent to 100 per cent in the first year.

    Furthermore, he stated that any tariffs imposed on industrial units during the import of raw materials will be considered adjustable in order to protect the business community’s working capital.

    New industrial policy

    He stated that an industrial policy is being implemented in partnership with the Asian Development Bank in order to boost the country’s industrial base. He stated that the Prime Minister has directed that all exporter claims be resolved as soon as possible.

    A sum of Rs40.5 billion is due to them right now, and we will pay it as soon as possible. Regardless of financial challenges, sales tax refunds are issued swiftly. Industrial feeders have been spared from load-shedding, according to him, in order to ensure that the industrial sector has uninterrupted power supply.

    A new strategy for promoting investment in the country is being developed which aims to provide an enabling atmosphere for investors by eliminating the lengthy procedure. The government will overhaul the dispute settlement structure to make it easier for domestic and foreign investors.

    Boosting agriculture sector

    Talking about the agriculture sector, Finance Minister stated that Rs21 billion had been set aside to boost agriculture and livestock productivity. He stated that the Ministry of Food Security, in consultation with the Planning Commission and the provinces, has developed a three-year growth strategy. This plan aims to increase agri-production, increase farmer prosperity, and promote smart agriculture and self-sufficiency.

    National Youth Commission

    The Finance Minister also announced the development of a National Youth Commission to help youth realise their full potential. Various plans for the youth, he noted, have been offered. He stated that a coordinated strategy is being implemented to strengthen the role of educated youth in the growth of the country. According to him, the youth employment initiative will create over two million job chances.

    He added that a scheme to foster youth entrepreneurship will be launched, under which interest-free loans of up to Rs500,000 and loans of up to Rs25 million will be made available on easy payments. He stated that in this lending arrangement, a 25 per cent quota has been been aside for women. He stated that women will be given precedence in hi-tech training in order to achieve economic empowerment. Youth development centres would be set up over the country, he said.

    A green youth movement would be launched to involve young people in environmental initiatives. Funds will be set aside to distribute laptops on a merit-based and instalment basis, as well as the construction of 250 mini-sports stadiums across the country. Miftah Ismail stated that an innovation league would be established in order to improve the youth’s potential. He said that a talent quest and sports drive programme will be developed for youngsters between the ages of eleven and twenty-five.

    Reduction in govt spending

    According to the Finance Minister, the current government’s top focus is austerity. This budget includes a reduction in government spending, and we are taking meaningful moves in that direction. He stated that automobile purchases will be completely prohibited. Apart from development initiatives, procurement of furniture and other products would be prohibited. Cabinet members and government officials will have their gasoline quotas lowered by 40 per cent. There will also be a ban on international tours paid for by the government, with the exception of the most important ones.

    A medium-term macroeconomic framework has been established to put the economy on a road of development, according to the Finance Minister. He emphasised his belief that by implementing this framework, we will be able to steer the economy in the right way. Our biggest problem, he remarked, is to expand without a current account deficit. As a result, a minimum of 5 per cent will be obtained without disrupting the balance.

    Improved fiscal and monetary policy

    He said that the GDP will increase from Rs67 trillion to Rs78.3 trillion in the coming fiscal year and the government is attempting to lower inflation through improved fiscal and monetary policy. During the next fiscal year, inflation will be decreased by 11.5 per cent.

    He predicted that the tax-to-GDP ratio will rise to 9.2 per cent in the coming fiscal year, up from 8.6 per cent now. He noted that in 2017-18, we had kept this ratio at 11.1 per cent. He stated that the overall deficit, which is currently at 8.6 per cent, will be steadily reduced. In the coming fiscal year, this will be reduced to 4.9 per cent. Similarly, the overall primary balance, which presently stands at -2.4 per cent of GDP, will be reduced to 0.19 per cent.

    Import and export

    Imports, which are estimated to be $76 billion this fiscal year, would be lowered to $70 billion the following fiscal year, according to the Finance Minister. Exports are currently $31.3 billion, but will increase to $35 billion in the coming fiscal year. The current account deficit will be decreased from -4.1 per cent of GDP to -2.2 per cent of GDP.

    Remittances, which are predicted to continue at $31.1 billion this fiscal year, are expected to grow to $33.2 billion next fiscal year.

    Key allocations in Budget 2022-23

    Rs1,523 billion allocated for defence

    Rs800 billion allocated for Public Sector Development Program (PSDP)

    Rs699 billion allocated for targeted subsidy

    Rs364 billion allocated for Benazir Income Support Program (BISP)

    Rs64 billion allocated for Higher Education Program

    Rs25.99 billion allocated for Atomic Energy Commission

    Rs24 billion allocated for Health

    Rs21 billion allocated for Benazir Nashunuma Program

    Rs11 billion allocated for Agriculture

    Rs10.12 allocated billion for food security 

    Rs9.60 billion allocated for Climate Change

    Rs530 billion allocated for pension funds

    Rs3.46 billion allocated for Maritime Affairs

    Key announcements

    The GDP growth target has been set at 5 per cent.

    Remittances are expected to total $33.2 billion.

    Inflation will be held at 11.5 per cent.

    FBR has set a revenue target of Rs7,004 billion.

    Non-tax revenue objective is set at $2 billion.

    The goal set for imports is $70 billion.

    The target for exports is $35 billion.

    Government employees will have a 15 per cent raise in pay.

    Under a new employment scheme, youngsters will be eligible for interest-free loans up to Rs500,000.

    Distributors and manufacturers will no longer be subject to an 8 per cent withholding tax.

    On national saving systems, the profit rate dropped from 10 per cent to 5 per cent.

    Cinema owners and film makers are exempt from income tax.

    On cars with engines larger than 1600cc, the advance tax will be raised.

    Pharmaceutical materials are exempted from any customs duties.

    This is a developing story..

  • Over 1,200 children start smoking every day in Pakistan

    Over 1,200 children start smoking every day in Pakistan

    Around 1,200 children start smoking every day in Pakistan, Parliamentary Secretary for the Ministry of National Health Services, Dr Nausheen Hamid, said on Thursday.

    “The data we have has shown that children between ages of 6 and 12 are also among those children who start smoking every day,” Hamid said adding that more than 160,000 people died every year in Pakistan because of tobacco use.

    “The tobacco industry tries to attract young generations to become users their customers,” she said.

    As per reports, Pakistan has taken several steps to control tobacco use, including banning smoking in all places of public work or use, and on all public transport.

    Laws in Pakistan also forbid the sale of smoked tobacco products within 50 meters of any school, university, or educational institution, as well as the sale of single cigarettes and small packets of cigarettes. Youth under the age of 18 are not allowed to but the tobacco products.

    Many forms of tobacco advertising and promotion including advertising on TV, radio and print media are also banned. 

    According to data available on the Pakistani health ministry’s tobacco control cell, there are 23.9 million tobacco users in the country, of whom 15.6 million are smokers.

    “5,000 Pakistanis are admitted to the hospitals every day due to tobacco,” the cell said, “and 39 percent of households are exposed daily to secondhand tobacco smoke.”

  • Pakistani farmers can now sell on a smartphone application

    Pakistani farmers can now sell on a smartphone application

    Pakistani farmers can now sell their vegetables directly to their potential buyers. A smartphone application has finally saved them from the ruthless discrimination of the middlemen in Sabzi mandi’s

    Omar Majid Warraich, founder of Agrim@art has created a smartphone application, more than 700 farmers have already registered on it. Moreover, this platform was sponsored by Karandaaz, an investment platform sponsored by the bill and Melinda Gates Foundation.

    The company launched in August last year, Agrim@art reported sales worth 5.5 million rupees ($36,000) in its first three months. They are predicting to have 2,000 farmers working with them by March 2020. Here is how this startup materialised into a viable business platform.

    Warraich turned to National Incubation Center (NIC) to get help in the execution process of his idea. NIC is a public-private partnership based in Lahore that helps entrepreneurs in launching new businesses. They have launched a number of really successful startups.

    Startups are certainly a game-changer for Pakistan. The widespread bribery, corruption, and an unfriendly regulatory environment is now being challenged with innovation. In addition, foreign investors are starting to take notice of the ultimate potential of our country.

  • Why practicing mindfulness is important

    One of the most misunderstood concepts of modernity is ‘Multitasking.’ Multitasking at our jobs and social media interactions have reduced our ability to retain focus on one thing at a time. 

    However, if we introduce the practice of mindfulness in our lives – one can not only rejuvenate the complex networking of neurons of our brain but the abilities like concentration, time-management, and stress management can also be improved to phenomenal extend. 

    Here are some easy mindfulness exercises which you should consider to add in your daily life:

    STOP

    When you’re in a stressful moment, a popular mindfulness exercise called S.T.O.P. can be helpful. 

    • Stop. Just take a momentary pause, no matter what you’re doing. 
    • Take a breath. Feel the sensation of your breathing, which brings you back to the present moment. 
    • Observe. Acknowledge what is happening, for good or bad, inside you or out. Just note it. 
    • Proceed. Having briefly checked in with the present moment, continue with whatever it was you were doing. 

    PRACTICE MINDFULNESS DURING MEETINGS 

    Another very useful technique that can be practiced in group forms is by practicing it in the office with your colleagues. Meetings can be wastage of time when people aren’t listening. Here is how you can introduce mindfulness in your office meetings:

    • No phones or computers allowed at meetings, whenever possible. 
    • If you need a note taker, have one person act as secretary and circulate the notes afterward. 
    • Give uninterrupted opportunities to speak to people in the meeting. 

    Mindfulness works; that is why from Google to General Mills, they have started teaching mindfulness in their offices. You should do it as well. 

  • Unemployed? Here are the reasons why

    Unemployed? Here are the reasons why

    Being unemployed is never easy – on the person, his family or on the society as a whole. Here is what you need to do to get viable employment. 

    To get a job and then to sustain it, a candidate must possess two types of skills: hard skills and soft skills. Hard skills are basically the primary talents one can have like engineering, programming, designing, and so on so forth. On the other hand, soft skills are those that let you manage yourself and people around effectively; some examples are social skills, communication skills, emotional intelligence, time management and so on.

    A person who has both will have better employment opportunities. So what one should do to learn both, especially, if you cannot afford to go expensive university, or you do not have enough time due to personal reasons? 

    Edx.org is a platform created by the world best universities from where you can take many online courses for free. These courses are ranging from computer sciences to creative skills like graphics designing or content creation. There are hundreds of other courses that you can take to polish your hard and soft skills. 

    Be
    mindful of one thing that to grow professionally – you have to develop the
    habit of learning. As a famous American author Alvin Toffler rightly said:

    “Illiterate
    of the 21st century will not be those who cannot read and write, but those who
    cannot learn, unlearn, and relearn.”

    So 2020 is not far away – be comfortable with your anxieties, fears and above all uncertainties. Perhaps, millennials do not have many options to escape this reality.