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Symptoms diagnosed, but no medication prescribed: CPD

The budget for the upcoming fiscal year has appeared to be insufficient in terms of needed measures, incomplete in terms of outlining strategies and inadequate in terms of addressing the present macroeconomic challenges, said the Centre for Policy Dialogue today.

In its post-budget media briefing, the think-tank said the budget for FY23 needed to be innovative in approach, flexible in allocative priorities and target-specific in terms of budgetary measures to address the attendant challenges

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"The budget speech could diagnose the symptoms, but failed to prescribe the required medication."

According to the CPD, the budget does have some welcoming measures, which include netter identification of contexts and challenges; expressing accountability by delineating the progress of past promises; continuation of fiscal measures to protect domestic industries; harmonisation of tax structure in case of export-oriented industries; and relatively less election-focused.

"The budget, however, comes short in terms of addressing inflationary issues, assuring citizens regarding keeping the administered prices at the same level, and expanding social safety net allocations in view of rising demand."

The think-tank said the budget is worse in terms of welcoming illicit/illegal income and capital flight and providing more support to higher income groups while keeping the low and middle-income groups at bay.

"Overall, with its current structure and proposed measures, the budget appears to be insufficient in terms of needed measures, incomplete in terms of outlining strategies and inadequate in terms of addressing the present macroeconomic challenges."