Development-loaded Rs53.9 trillion Punjab budget announced

The Punjab government on Thursday afternoon unveiled Rs53.9 trillion budget in the provincial assembly loaded with a record development outlay and massive tax measures, reported 24NewsHD TV channel.

Punjab Finance Minister Mujtaba Shujaur Rehman delivered the budget speech in the assembly amid ruckus by the Opposition members mainly belonging to SIC-PTI lawmakers.

Interestingly, members of key coalition partner of governing PML-N government, Pakistan People’s Party, were absent from the budget session.

Journalists present in the press gallery also staged a protest against the enforcement of Punjab Defamation Act 2024.

The Punjab Assembly session which started one hour and 38 minutes late than its scheduled time first saw the whole opposition absent as the finance minister started his speech.

The minister said the government has spared a record amount of Rs800 billion for the development budget.

The government also unveiled plan to generate Rs1,97 billion through additional taxation measures.

https://www.youtube.com/watch?v=qah4pyuH_Jo 

Revenue target set at Rs960 billion

The revenue target by the Punjab Government has been significantly increased from the previous Rs625 billion rupees to Rs960 billion.

Other notable initiatives include establishing a single department for water supply and irrigation, making Punjab a safe city with comprehensive camera coverage, and allocating funds saved from wheat procurement to support farmers, particularly in South Punjab.

Punjab to get Rs3,700 billion under NFC

The Finance Minister claimed that Punjab will get Rs3,700 billion from the Federal Divisible Pool under the National Finance Commission (NFC) award while the provincial revenue target is over Rs1.025 billion.

25% Increase in Salaries

Following the federal government, the Punjab government also increased the salaries of the government employees by up to 25 percent. The provincial government increased by the pension of the retired employees by 15 percent.

The government allocated Rs595 billion for salaries, Rs445 billion for pensions, and Rs840 billion for service delivery costs.

Rs842 billion development budget

A sum of Rs842 billion has been earmarked for the development budget. Specific allocations are Rs30 billion for Ramazan Package and Rs8 billion for the Central Business District (CBD).

In the development budget outlines, 1,863 total schemes will be presented - 1,617 are ongoing schemes and 246 new schemes will be launched. The roads sector allocation is over Rs22 billion.

No new tax

Finance Minister claimed that no new tax will be levied in the provincial budget for the fiscal year 2024-25 while the focus will be on recovery of taxes already levied to increase the resources.

The government will ensure the utilisation of natural resources and government assets in the province to increase the revenue generation.

The government has been prioritising the education, health and social security while the implementation on the mega projects will be done through public-private partnership.

Rs72 billion allocated for various Subsidies

Subsidy in the budget is proposed to increase from Rs15 billion to Rs72 billion. Rs24 billion has been allocated for subsidy in transport, Rs22 billion for food, and Rs26.5 billion for the agriculture sector.

Rs9.5 billion allocated for CM Roshan Gharana Program

The finance minister announced that Rs9.5 billion has been allocated for the 'Chief Minister Roshan Gharana Program'.

Rs135 billion allocated for road rehabilitation

The minister in his speech said Maryam Nawaz Sharif-led Punjab government has allocated Rs135 billion under 482 schemes for repair and rehabilitation of dilapidated and old roads.

Rs3 billion set for Garment City

Punjab will establish its first Garment City for Rs3 billion to increase foreign exchange.

Khelta Punjab Initiative

Punjab government has allocated Rs7 billion for Khelta Punjab initiative which will provide field and basic sports facilities in all provincial constituencies.

In the next financial year, a significant project for the maintenance and reconstruction of existing sports facilities in Punjab will be launched, costing 6.5 billion rupees.

Special Education and sports

Rs2 billion have been earmarked for special education, Rs3.5 billion for literacy and non-formal education, Rs4.8 billion for sports and youth affairs.

Healthcare and social welfare

Rs76.5 billion have been earmarked for specialised healthcare, Rs33.89 billion for primary healthcare, Rs3 billion for population welfare, Rs2 billion for water supply and sanitation, Rs1.7 billion for social welfare, Rs14 billion for local government and community development, and Rs0.92 billion have been fixed for women development.

Free Solar for 100 Units consumers

Punjab government on Thursday announced that complete solar systems are being provided free of cost to domestic consumers consuming up to 100 units of electricity.

Rs75 billion interest-free loans for farmers

Punjab finance minister said the Punjab government has allocated 75 billion in interest-free loans for 500,000 farmers. “7,000 tube wells will be transferred to solar across Punjab,” he said.

“Chief Minister Green Tractor Program is being started for 30 billion. Farmers will be able to own their tractors in easy installments,” he said.

Police

An amount of Rs187 billion has been fixed for police.

Rs1,070.19 billion allocated for agriculture

Rs1,070.19 billion record amount has been set aside for agriculture sector which was only Rs79 billion last year. Irrigation department will get Rs63.16 billion budget.

Rs10b for industries, Rs37.3b for Planning& Development

More than Rs10 billion have been set aside for industries development, Rs37.3 billion for Planning and Development, Rs24 billion for industry and commerce.

Rs29.54 billion for Livestock

A sum of Rs29.54 billion have been set for livestock. The government will continue the subsidy in food and transport sector while industry and agriculture sectors will be given special attention to increase the provincial productivity. Both local and international investors will be given equal opportunities for investment. The investment will also be made in the IT sector. The difficulties of the manufacturers and the grievances of the business community will be redressed in the budget.

Rs10 billion for Kisan Card, Rs30b Green Tractor Program

Punjab Government has allocated Rs26 billion for agricultural implements, 10 billion for the Kisan Card, and 30 billion for the CM Green Tractor Program.

Tax collection target set at Rs300 billion

The tax collection target for the Punjab Revenue Authority has been set at Rs300 billion; Rs105 billion for the Board of Revenue; Rs55 billion for the excise department.

Rs121 billion for the repayment of foreign loans

Punjab government has claimed that Rs121 billion has been set aside for the repayment of foreign loans.

Chief Minister's discretionary funds increased to Rs5 billion

The Punjab Government has announced an increase from Rs2 billion to Rs5 billion allocated for the Chief Minister's discretionary funds.

Rs160 billion for debt settlement

Another external loan of 100 billion rupees will be taken for various sectors while recommendations of 160 billion rupees are included for debt settlement.

Service delivery expenditure set at Rs 841 billion

Punjab government said that the estimated expenditure on service delivery is 841 billion, and 30 billion rupees have been kept for the Ramadan package. It has been decided to increase the transfer fee for motorcycles and vehicles by 10%. Funds of 120 billion have been allocated for waste management companies.

Digital Punjab Vision

Chief Minister Maryam Nawaz's vision of a Digital Punjab is rapidly becoming a reality. In just three months, the foundation of Pakistan's first Nawaz Sharif IT City has been laid in Lahore.

PPP symbolically boycott budget session

Pakistan People's Party (PPP) boycotted the Punjab Assembly session symbolically as only two members attended the session.

PPP leader Haider Gilani said PPP was not included in the consultation in the preparation of the budget and could not support the government's budget in these circumstances.

Reporters Rao Dilshad Hussain and Hassan Ali