Today’s outlook: Govt allocates Rs739 for Karachi in Budget 2021-22

Here are some stories we will be following today (Saturday):

• Finance Minister Shaukat Tarin presented a Rs8,400 billion budget for the upcoming year on Friday. The government has set the GDP growth target at 4.8%.
• The government has eliminated 12 types of withholding taxes. It has reduced sales tax from 17% to 12.5%. Federal excise duty on vehicles up to 850cc has been ended too.
• Salaries and pensions of government employees have been increased by 10%. The government decides to impose no new tax on the salaried class.
• The government has increased the minimum wage from Rs17,500 per month to Rs20,000. 
• Pakistan has increased its defence budget for the next fiscal year. It has been earmarked at Rs1,373 billion.
• Rs739 billion have been allocated in the budget for the Karachi Development Budget. These funds will be spent on water supply, sewerage and solid waste management projects and the construction of roads.
• Coronavirus claims another 57 lives in Pakistan. The overall death toll has reached 21,633. The country reports 1,194 fresh cases of the virus.
• A 84-inch diameter water line passing through the Karachi University burst Friday evening. Several thousand gallons of water have since been wasted. The repair work is still underway even after several hours.
• The Pakistan Super League 6th edition continues in Abu Dhabi. Quetta Gladtiators will face off Peshawar Zalmi Saturday evening.

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