Economic woes of the country eating away like cancer

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According to a Baaghi TV report, Pakistan’s economic situation has now reached such a dangerous and alarming level. Destruction is destruction if not controlled immediately.

According to experts, the devastation of this economic situation is like the spread of cancer that is rapidly destroying the biological cells inside the body.

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According to experts, if this damage and loss is not controlled soon, then economic catastrophe and death is certain, which makes the country’s security situation very detrimental.

According to statistics, FBR tax revenue has increased by 273% in the last ten years, which is worth 1.3 trillion. These figures are from 2010 to 2020 while the budget estimate is Rs.4.9 trillion. Public debt has increased by 399% in these ten years, and their value has reached 9.1 trillion. In 2021, the budget is estimated at Rs.45 trillion.

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External debt has increased by 192%, compared to 4.3 trillion in 2010 and 12.7 trillion in 2021.

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Budgets are estimates of a country’s income and expenditure, such as a salaried or business person knowing how much his or her monthly or annual expenses are and how much he or she spends, then he sets his plans between those expenses and income.

If a person becomes unlucky or has to take a loan or borrow from someone, then his plans for the whole year become futile and then all efforts are made to repay the loan. This is what his actions in Pakistan have done. Pakistan’s budget has been in deficit for many years.

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It is straightforward and simple that our income is not keeping up with our expenses, which is why we are becoming accustomed to constantly presenting deficit budgets. Then there is the fact that a new budget has been a part of the budget for a long time. After presenting the budget, the mini-budget is also unveiled, which means that more taxes or more income has to be levied on the people.

If our revenue is able to bear the burden of our expenses, then governments do not need to present a mini-budget. What happens is that the tax or relief given in the annual budget is converted into a mini budget or more taxes are levied and it is often observed that the relief given in the annual budget is increased in the mini budget and further tax is increased. Basically, as soon as there is a mini budget, it is to increase the income by imposing more taxes.

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