‘FY2023-24 Budget’

This is apropos a Business Recorder oped “FY2023-24 Budget” carried by the newspaper yesterday. The writer, Farhat Ali, has provided to the newspaper readers one of the most informed perspectives on the state of country’s economy ahead of presentation of annual budget for fiscal year 2023-24. He has argued, among other things, that “the second or last half of fiscal year 2023-24 could well be an election period, adding to uncertainty in the market.

Moreover, the new government will be adjusting the budget to its needs and priorities for obvious reasons. Accordingly, businesses seem to have decided to abstain and continue to sit on the fence or avoid making a decision or choice.” In my view, never before in the 75-year history of the country has annual budget been so important or critical, so to speak. The government’s strategy is quite clear: it seeks to present a populist budget to please people ahead of general election in order to brighten its electoral prospects. Lowering prices of petrol and HSD by the government is a strong case in point. Will this strategy really work? Frankly speaking, nobody knows whether or not a populist budget will help the government win general elections.

Hidayatullah,

Islamabad