LAHORE: On Thursday (today), the Punjab government will propose a budget of around Rs5.37 trillion, which includes an expected yearly development plan of Rs700 billion and a raise in salaries and minimum wages of 20 to 25 percent and Rs3,7000, respectively, in line with the announcements made by the federal government.
According to the National Finance Commission (NFC) award, Punjab is expected to get Rs3.7 trillion from the federal divisible pool, while the province is expected to generate over Rs1.025 trillion in income.
The government has decided to set aside Rs 840 billion for service delivery expenditures, Rs 445 billion for pensions, Rs 595 billion for wages, and Rs 700 billion for the development budget. There are two distinct allocations:
Rs. 8 billion for the Central Business District (CBD) and Rs. 30 billion for the Ramazan Package.Only 246 new projects will be introduced, out of the 1,863 total schemes that are outlined in the development budget plans. The other 1,617 initiatives are ongoing. Over Rs 22 billion is allocated to the roads sector, while Rs 2 billion is set up for special education. Three billion rupees for population welfare, two billion rupees for water supply and sanitation, three billion rupees for sports and youth affairs, seventy-six billion rupees for specialised health care, thirty-eight billion rupees for primary health care, three billion rupees for social welfare, fourteen billion rupees for local government and community development, ten billion rupees or more for the development of industries, and thirty-seven billion rupees for planning and development.
Furthermore, the province budget for the fiscal year 2024–2025 will not include any new taxes; instead, the emphasis will be on recovering the taxes that have already been imposed in order to raise funds. In order to boost revenue creation, the government will make sure that natural resources and government assets are used in the province.
The government has prioritised social security, health, and education, with public-private partnerships handling the execution of the large-scale projects. In order to boost provincial production, the government would keep providing subsidies to the food and transportation sectors while focusing especially on the industrial and agricultural sectors.
Equal investment possibilities would be provided to domestic and foreign investors. Additionally, the IT sector of the productive sectors for economic growth will get funding. The budget will address the issues facing the manufacturers and the complaints of the business community.
