ISLAMABAD, June 5: Prime Minister Shaukat Aziz has termed the 2006-07 budget people- and investor-friendly and ruled out the chance of a mini-budget during the year but simultaneously defended the proposed increases in electricity and gas tariffs that would take effect from July 1.

He said that Rs80 billion would be spent for providing subsidies on electricity, fertilisers and pulses during the next fiscal year, adding that maximum subsidy had been given on electricity.

He was talking to newsmen in his chamber in the Parliament House soon after the budget speech in the National Assembly on Monday.

Prime Minister Aziz said a mini-budget meant gaining more funds by levying new taxes during the year,adding that it had never been done in the past few years.

He said the new budget offered unprecedented incentives for people, adding that it had been possible only through continuity of policies and success of economic reforms.

He said more than one price magistrates would ensure implementation on government prices at district level.

Highlighting the government’s move to double the number of utility stores in the country, Mr Aziz said the government also intended to begin mobile utility stores operations besides starting a bank-sponsored programme to launch USC franchise in private sector.

He said that prices of lentils would come down as soon as the government opened letters of credit for its import, adding that it would stabilise domestic prices.

The prime minister said that the ‘Employment Pakistan Programme’, which is being initiated next month, would focus on self-employment, benefiting some two million people over the next four years.

He said that the construction industry would be stimulated through the implementation of the ambitious Rs320 billion development outlay, benefitting 409-50 different industries.

He said: “We have introduced some tax proposals about which no one must have any misgivings since new taxes have been imposed to regulate cash, land transactions and the stock market”.

He termed opposition’s bids to interrupt the budget speech “part of democratic norms” and said it had no bearing on overall goodwill that the budget had provided.

The prime minister also highlighted steps to bring down prices of cement and sugar. He said the government had proposed the TCP to procure sufficient sugar stock to tackle future crisis situations.

He said that petroleum development levy had been brought down to zero level in the budget to maintain petroleum prices at a reasonable level. The government, he said, had taken a holistic view to cushion poultry and many other industries.

He said Balochistan would get more resources under the interim NFC, adding that it had already been given an edge in provision of funds. He mentioned a recent development grant of Rs100 million for all districts in Balochistan.