The deadliest outbreak of this century is the coronavirus, which has devastated the world economy. Even the most developed countries have been badly affected by the outbreak. In the current situation, Imran Khan-led government has presented its second budget, which has been constantly criticized by opposition leaders.
The basic pillar of the presented budget 2020-21 is that no new taxes were imposed on it. The sufferings of the people of Pakistan are expected to be reduced. Members of the federal government are confidently saying that it wasn’t possible to present a better budget in the current situation. However, it is feared that if the government didn’t achieve the tax collection target, then the masses will suffer.
In order to meet the budget deficit and tax collection target, new strategies will be devised to impose a tax on the masses in a scientific manner. In order to collect revenue, every government does not hesitate to use this fast-paced recipe by increasing the prices of electricity and petroleum products.
A cursory look at the PTI-led government reveals that during the past two years, all the records of inflation have been broken. Prime Minister Imran Khan himself had acknowledged that poverty is on the rise, with everything becoming overpriced. When the federal government reduced the prices of petroleum products, the oil disappeared from the market. The same happened with sugar and flour, after which the prices continued to rise.
It seems that there is no such thing as the government in Pakistan. Despite having Deputy Commissioners, Assistant Commissioners, and officers in every district, people are still suffering.
There was a time when prices were remained stable throughout the year when the budget was presented. At that time, the administration, the Center, and the provincial governments considered it their duty to take strict action against the hoarders. And nowadays, the governments and the administration don’t seem to be interested in this regard.
Whether it’s the start of a new fiscal year or a normal period, inflation keeps rising. As usual, the government is claiming that everything is fine, there will be no burden on the masses. Every year every government makes such claims and such promises to please the poor people but nothing much happens. The poor segment of society always suffered from the impact of the huge inflation bomb.
Due to the coronavirus pandemic, inflation, and unemployment are on the rise in the country, so the government will not be able to fulfill any of the promises made to the people. Whenever the budget comes, a new storm of inflation enters the country. Prices of petroleum products and electricity rates are raised twice a month. In these circumstances, the government will have to take some significant steps. One important thing is that economic stability is not possible without increasing the tax net and eliminating tax evasion.
Every year, the people expect relief in the budget from the government and as announced by the Centre this budget will prove to be a relief to the masses. Let us hope that there wouldn’t be a mini-budget for the fiscal year 2021-21.
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