LAHORE: The Government of Punjab has presented three-month budget proposals for the province for approval, totalling Rs4,480.7 billion with revenue estimates of around Rs3,331.7 billion.
Punjab’s Finance Minister Mian Mujtaba Shuja-ur-Rehman on Monday presented the budget in the Punjab Assembly, which commenced 2 hours and 21 minutes late under the chairmanship of Punjab Assembly Speaker Malik Muhammad Ahmed Khan.
Shuja outlined expectations, anticipating government revenues of Rs 2,706.4 billion from the federal divisible pool under the National Finance Commission. He projected revenue collection at Rs 625.3 billion, with the Punjab Revenue Authority expected to collect Rs 240 billion, marking a twenty-six percent increase.
Punjab to unveil budget for next 3 months on 18th
Additionally, the Board of Revenue is expected to collect around Rs 99 billion, a four percent increase, while the excise department is anticipated to collect Rs 45.5 billion, over five percent higher than before.
Non-Tax Revenue is expected to reach Rs 231.8 billion, a 42 percent increase, with Rs 513.73 billion allocated for salaries, Rs 392.10 billion for pensions and Rs 627.70 billion for local governments.
Development budget allocation stands at Rs 655 billion, with Rs 20 billion earmarked for social security measures. Notable allocations include Rs 473.6 billion for health, Rs 500 million for the Nawaz Sharif Institute of Cancer Treatment and Research and Rs 440 million for the Air Ambulance Service. Rupees 596 billion have been allocated for education and Rs 382 billion for construction.
The establishment of the Nawaz Sharif IT City with Rs 10 billion and the Provincial Database Authority with Rs 500 million are also announced. Furthermore, Rs 25.86 billion is allocated for Industries, Commerce, and Investment.
Specific initiatives include Rs 30 billion Ramazan package, Rs 11 billion for free book supplies and Rs 12.5 billion for the Central Business District and PKLI endowment fund. Hygiene expansion receives Rs 11.4 billion, while Rs 264 billion have been allocated for wheat debt payment, and Rs 79.12 billion for agriculture, including Rs 25.6 billion for agriculture subsidies.
The provincial cabinet approved the supplementary budget for 2023-24 and amendments to the Punjab Sales Tax Service Act. Budgets for specific periods from July-October, November-February, and March 2024 were also approved.
The Punjab Assembly’s budget session is scheduled from March 18 to April 1, with sessions on March 19-20, 21-22, and 25-26 discussing the budget. Approval of the annual budget for 2023-24 will be sought on March 27, followed by expenditure details on March 28 and a general discussion on the interim budget on March 29.
Approval of the supplementary budget for 2022-23 is scheduled for March 30, with the final session on April 1 for private member’s day activities.
Copyright Business Recorder, 2024