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Tuesday, July 23, 2024  
17 Muharram 1446  

Punjab to unveil Rs5.3 billion budget today

The development budget will be set at Rs700 billion
Punjab unveils Rs5.3 billion budget. Photo via Reuters
Punjab unveils Rs5.3 billion budget. Photo via Reuters

The Rs5,370 billion budget of Punjab will be presented today.

The size of the development budget will be at around Rs700 billion.

The revenue target will be Rs1,026 billion.

It is expected that Punjab will receive a share of Rs3,700 billion rupees from the NFC.

According to the Punjab Finance Ministry spokesperson, the upcoming budget will not introduce any new taxes, but rather focus on improving tax collection and efficient utilization of government resources and assets.

“Education, health, and social security will be the top priorities in the Punjab budget,” the spokesperson stated.

“At the same time, the government will pursue mega projects through public-private partnerships and provide special attention to the industry and agriculture sectors.”

To provide relief to the citizens, the budget is expected to include subsidies for food and transportation, as well as measures to ensure easy access to solar systems to help reduce electricity bills.

Additionally, an increase in government employee salaries is anticipated.

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The spokesperson expressed confidence that the budget will create opportunities for both local and international investors, particularly in the information technology sector, which is seen as a key driver of the province’s economic development.

The government has also pledged to address the concerns and grievances of the business community.

“Proper utilization of resources and government assets will be ensured, and the government is committed to supporting the people of Punjab through this comprehensive budget,” the spokesperson concluded.

The Punjab Finance Minister, Mian Mujtaba Shuja-ur-Rehman, is set to present the budget in the provincial assembly after its approval by the Punjab Cabinet.

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Punjab budget