The Lahore Chamber of Commerce and Industry (LCCI) President Mian Anjum Nisar, commenting on the Punjab Budget 2004-05, has termed it a balanced budget.
In a statement, Anjum said the economy of the Punjab mainly relied on agriculture, and allocation of a sum of Rs 737 million will definitely help development of that sector.
He said that Rs 2.5 billion assistance of Federal government under 'National programme for improvement of water courses' would not only save wastage of water but also help increase agricultural production.
Anjum said the abolition of the stamp duty on registration of companies would also give a relief.
He appreciated that the education development had been given top priority in the budget, and the government allocated 19 percent of the development programme for it.
Anjum hailed the decision of exempting houses up to five marlas from levy of property tax, and reducing stamp duty from five percent to two percent on property. It was the proof that the Punjab government wanted to provide relief to common man, he added.
Anjum also hailed cut in entertainment duty and said it would help promote the film industry.
He also hailed provision of sufficient funds for drinking water, health facilities and construction of ring road, new Murree development and Jallo Theme Park.