Removing Impediments to Growth higher education has increased despite the fact that the unemployment rate is the highest at 16 percent graduates and post-graduates. India levies an education cess of 3 percent on the total taxable amount of an income tax payer. There is a strong case for the levy of such a cess also in Pakistan. Revenues of up to Rs 75 billion can be largely earmarked for technical and vocational training and for training of graduate students in information technology. This will not only provide better employment of youth, but also increase the cutting edge of exports. Table 17.3: Government Expenditure on Education and Health (Rs in Billion) EDUCATION HEALTH Primary& Secondary Education and Technical Education High Education Total Preventive Curative Total 2005-06 89 52 141 7 32 39 (1.0)*(0.6)(1.6)(0.1)(0.4)(0.5) 2010-11 187 136 323 38 68 106 (0.9)(0.4)(1.3)(0.2)(0.3)(0.5) 2015-16 451 212 663 70 198 268 (1.4)(0.5)(2.0)(0.2)(0.6)(0.8) 2020-21 676 312 988 209 448 657 (1.2)(0.6)(1.8)(0.4)(0.7)(1.1) *% of GDP 17.5‘Crowding Out’ of Bank Credit to the Private Sector The exponential increase in the size of the federal budget deficit has implied much higher levels of borrowing from the banking system, leading thereby to a‘crowding out’ of the credit to the private sector and consequential reduction in the level of private investment. Table 17.4 highlights the increasing per-emption of the banking system by government budgetary borrowing. The year, 2021-22, saw the level of budgetary borrowing of Rs 3220 billion compared to Rs 1612 billion of additional credit to the private sector. 177