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Giving jobs is not govt’s role: FinMin | The Express Tribune
Finance Minister Muhammad Aurangzeb is presenting federal budget for fiscal year 2025-26 in National Assembly on June 10. Photo : x.com/NAofPakistan
ISLAMABAD:
Finance Minister Muhammad Aurangzeb reiterated on Monday that it was not the government’s job to give jobs, in a statement that came on the heels of capital flight in the absence of an enabling business environment and a high unemployment rate.
Addressing a seminar on population growth, the finance minister said “it is not the government’s job to give jobs and we have to get out of that mindset; it is the ladies and gentlemen who are freelancers today, leading our IT services, leading the IT economy”.
Soon after his speech, Institute of Business Administration (IBA) Karachi Executive Director Dr S Akbar Zaidi said, “Pakistan is in decline. Its economy is in a very, very sharp decline; talk to any economist and many in this room, most will agree that all numbers are going in the wrong direction.”
Governments all over the world provide a conducive environment to the private sector, which is missing in Pakistan and has lately been acknowledged by key policymakers.
With a Human Development Index (HDI) score of 168, “we can’t talk about a new economy, IT, computer growth with these sort of numbers,” said Zaidi.
State Bank of Pakistan (SBP) Governor Jameel Ahmad said last week that the current growth model was not able to withstand the burden of a 250 million population, while the national coordinator of the Special Investment Facilitation Council (SIFC) said that there was no growth plan.
The SIFC coordinator also acknowledged that businesspersons were the easy prey of tax authorities and local investors were investing overseas. Because of these circumstances, there are not enough jobs in Pakistan and the unemployment rate has jumped to 7.1%, the highest since 2004.
Akbar Zaidi said that even the 7.1% unemployment rate was “underreported” and Pakistan’s demographic dividend has been turned into a “demographic nightmare” with 3.5 million people entering the job market every year in search of jobs.
The finance minister did not speak about the unemployment issue. “We need to upskill the youth, reskill them; that is how we are going to go forward with respect to this,” he said.
Zaidi said that Pakistan was half a century behind where South Korea was 50 years ago. Muhammad Aurangzeb was speaking during the seminar organised by the Dawn Media Group. The finance minister underlined the need to “recognise and negotiate” population growth and climate change as two existential issues for Pakistan.
Speaking about the roadmap to a $3 trillion economy by 2047, Aurangzeb stressed that it was “clear that these two existential issues have to be recognised and negotiated if we are to realise our full potential”.
“It is irrefutable that Pakistan’s economy is not doing well, in relevant terms and in absolute terms; it is much worse than it has been over the last few years,” said Akbar Zaidi. He said that Pakistan was estimated to be the third most populous country in the world in 25 years.
Zaidi noted that unemployment had been growing for the last five to seven years. Citing economist Dr Hafeez Pasha’s data, he said the real wage of workers in Pakistan has seen a 20% decline in just last three years.
Zaidi cited Pakistan’s declining ranking in the UN Human Development Index, terming the figures “extremely worrying trends”. Pakistan stands at 168th place, one of the lowest positions on the index.
World Bank Country Director for Pakistan Dr Bolormaa Amgaabazar said that reducing stunting and learning poverty was among the areas that would be focused on under the 10-year Country Partnership Framework.
She noted that 60% of Pakistan’s population was under the age of 30 years, adding that there was a “potential” for demographic dividend, but it would remain unrealised until people were provided jobs and skills. Citing World Bank figures, she said a woman in Pakistan had 2.6 children on average, adding that it was higher than the rest of South Asia.
“If you do not bring population down, you are not gonna get growth up,” said Dr Ali Cheema, Vice Chancellor of LUMS. Dr Hanid Mukhtar, a fellow at the Consortium for Development Policy Research, pointed out that Pakistan’s GDP per capita income had been growing at 3.6% per year, but India had 71% higher GDP per capita and Bangladesh was 53% higher.
Mukhtar noted that because of the low investment, which was indirectly related to population growth, Pakistan’s “capital-labour ratio is much lower than India”.
New Delhi: Good news for investors and market watchers! Even though February 1 falls on a Sunday this year, the Indian stock markets will remain open for trading on Budget Day. Both the BSE and NSE announced on January 16 that trading will take place as per normal market hours on February 1 for Budget 2026. This special arrangement ensures that investors can react to Budget announcements in real time, without waiting for the next trading session.
The NSE clarified the special trading arrangement in a circular, stating, “On account of the presentation of the Union Budget, members are requested to note that Exchange shall be conducting live trading session on February 01, 2026, as per the standard market timings (9:15 am-3:30 pm),” said NSE in a circular.
Union Budget 2026 to be presented on February 1 at 11 am
The Union Budget for 2026 will be presented at 11 am on Sunday, February 1, the Lok Sabha Speaker confirmed on January 12. In recent years, February 1 has become the fixed date for the annual Budget presentation, a trend that continued with the 2025 Budget as well. The upcoming Budget will also be a significant milestone for Finance Minister Nirmala Sitharaman, as it will be her ninth consecutive Union Budget, placing her among finance ministers with the longest uninterrupted Budget tenures.
Trading details for Budget Day explained
While most core market segments will remain open during regular trading hours on Budget Day, some services will stay shut. The BSE has clarified that the T+0 settlement session and the auction session meant for settlement defaults will not be operational. At the same time, the NSE confirmed that trading in capital markets and derivatives will continue as usual.
Stock market holiday list remains the same
The stock market holiday calendar for 2026 remains unchanged, with Indian exchanges observing 16 public holidays apart from weekends. The next scheduled market closure this month will be on January 26. In the first half of the year, markets will remain shut on key occasions such as Holi (March 3), Ram Navami (March 26), Mahavir Jayanti (March 31) and Good Friday (April 3). Trading will also be suspended on Ambedkar Jayanti (April 14), Maharashtra Day (May 1) and Bakri Id (May 28).
In the second half of the year, markets will close on Muharram (June 26), Ganesh Chaturthi (September 14), Gandhi Jayanti (October 2), Dussehra (October 20), Diwali Balipratipada (November 10) and Guru Nanak Jayanti (November 24). Christmas, on December 25, will be the final market holiday of 2026.
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Reliance Industries Q3 FY26 Financial Results | Earnings remained resilient during the December quarter despite pressure in upstream oil & gas exploration and production business.
Reliance Industries Q3 Results.
Reliance Industries Ltd reported a resilient performance in the fiscal third quarter, with consolidated revenue rising 10 percent from a year earlier to Rs 2.94 lakh crore, led by growth in its digital services, oil-to-chemicals (O2C) and retail businesses.
Net profit (pre minority) for the fiscal third quarter rose 1.6 percent from a year earlier to Rs 22,290 crore, while profit before tax increased 3.7 percent to Rs 29,697 crore.
Consolidated EBITDA rose 6.1 percent to Rs 50,932 crore, supported by earnings growth in the digital services and O2C segments, helping offset weakness in the upstream oil and gas business.
“Reliance’s consolidated performance in 3Q FY26 reflects consistent financial delivery and operational resilience across businesses,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, in a statement on Friday.
The O2C business benefited from a sharp increase in transportation fuel cracks, which rose 62-106 percent from a year earlier during the third quarter. This improvement was partly offset by lower downstream chemical margins and higher feedstock freight rates. Overall, O2C EBITDA rose 15 percent from a year earlier to Rs 16,507 crore, helped by higher volumes and a continued ramp-up in fuel retail operations.
The Jio-bp fuel retailing business maintained its growth momentum, with fuel volumes rising 24 percent, supported by strong growth in gasoline and high-speed diesel sales. The retail network expanded further, with Jio-bp operating 2,125 outlets at the end of December, a 14 percent increase from a year earlier.
“Robust growth in O2C business was led by significantly higher fuel margins with favorable demand-supply dynamics, along with operational flexibility. I am happy to highlight the strong growth in our fuel retailing business, with continuing expansion of the Jio-bp network,” Ambani added.
The digital services business delivered strong growth, with revenue rising 12.7 percent to Rs 43,683 crore. EBITDA from the segment grew 16.4 percent YoY to Rs 19,303 crore, aided by accelerated subscriber additions and a 170-basis-point expansion in margins.
Reliance Jio’s subscriber base increased to 515.3 million, with its 5G user base crossing 250 million during the quarter. Total home connects crossed 25 million, while JioAirFiber became the first fixed wireless access service globally to surpass 10 million subscribers, ending the quarter with 11.5 million users. Average revenue per user (ARPU) rose 5.1 percent from a year earlier to Rs 213.7.
“This quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust financial performance with 16.4% growth in EBITDA,” said Ambani.
JioStar continued to report strong operational performance, maintaining leadership across key platforms and genres.
In contrast, the oil and gas business weighed on overall performance, affected by lower production from the KGD6 block due to natural decline in the reservoir and weaker price realisations, along with higher operating costs related to periodic maintenance activity. EBITDA declined 13 percent from a year earlier to Rs 4,857 crore. Revenue from the segment fell 8.4 percent to Rs 5,833 crore.
The retail business posted revenue of Rs 97,605 crore, an increase of 8.1 percent from a year earlier. Growth, however, was impacted by the distribution of festive demand between the September and December quarters, the demerger of Reliance Consumer Products Ltd, and GST rate rationalisation. Despite these, retail EBITDA rose to Rs 6,915 crore. During the quarter, Reliance Retail operated 19,979 stores, with a total operational area of 78.1 million sq ft, while hyper-local delivery operations saw a near fivefold jump in average daily orders.
“Our Retail business also had an eventful quarter, strengthening its portfolio with the onboarding of fresh new brands and product ranges. The demerger of consumer products business came into effect this quarter. With a broad and diverse product basket ranging from classic Indian brands to new age labels, the consumer products vertical is progressing on its accelerated growth trajectory with a focused organizational structure,” said Ambani.
During the quarter, capital expenditure stood at Rs 33,826 crore, which was fully covered by cash profits of Rs 41,303 crore. Net debt declined sequentially to Rs 1.17 lakh crore as of December 31, reflecting balance sheet stability.
Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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January 16, 2026, 19:28 IST
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New Delhi: Every year, the Union Budget draws nationwide attention as it outlines the government’s plans for the economy and public spending. Traditionally presented on February 1, the Budget will be tabled by Finance Minister Nirmala Sitharaman on February 1, 2026, at 11 am, as confirmed by Lok Sabha Speaker Om Birla.
A Record-Breaking Budget Speech
Nirmala Sitharaman created history by delivering the longest Budget speech in India in 2020, which lasted 2 hours and 42 minutes. The marathon address introduced several major announcements, including a new income tax regime and the much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC).
However, during the course of the speech, Sitharaman felt unwell, following which Lok Sabha Speaker Om Birla read out the remaining two pages on her behalf. Notably, the 2020 speech had already surpassed her own 2019 record, when she spoke for 2 hours and 17 minutes. In contrast, her 2024 Interim Budget speech was much shorter, lasting just 56 minutes, her briefest Budget address since taking charge as Finance Minister.
Understanding the Union Budget: What It Means for India
The Union Budget is a yearly financial statement presented by the Finance Minister in Parliament under Article 112 of the Constitution of India. It outlines the government’s estimated income and spending for the upcoming financial year, giving a clear picture of how public funds will be raised and used.
Along with revenue and expenditure details, the Union Budget also announces proposed changes in taxes, key focus areas for development, policy initiatives, and major economic reforms. It serves as a roadmap for the country’s economic direction in the year ahead.
Over the years, Budget speeches have evolved to reflect India’s changing economic needs and challenges. All eyes are now on Finance Minister Nirmala Sitharaman, who has been leading the Finance Ministry since 2019 and is set to present her eighth Union Budget on February 1.
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