Punjab government has allocated sufficient funds in its budget for 2016-17 for pro-poor initiatives and well being of people. As per budget document, allocations for pro-poor initiatives like Ramazan package, public transport and wheat subsidy have been budgeted at Rs 65,453.000 million for FY 2016-17, reflecting an increase of 178 percent as compared to FY 2015-16. In order to bring qualitative change in the lives of its citizens, the government has accorded top priority to social sector in the budget of 2016-17, which is part of a medium term growth strategy for a prosperous Punjab.
The sources claimed that the projects supported by the budget and included in Annual Development Plan (ADP) seek to attract private investments to maximise employment opportunities for the people of Punjab. The budgeted expenditures will enable citizens to take advantage of private sector employment opportunities and transform their lives for a better future. Economic growth can be spurred by participation of private sector and hence, government is committed to carry on with supportive policy reforms to maximize the impact of public expenditure on Punjab's economy, the sources add.
According to the sources, Punjab's development policies in the next few years will be decisive, given the dynamics of Asian geo-political economy. The development of trade and energy infrastructure under China Pakistan Economic Corridor (CPEC) and GSP-Plus status present remarkable opportunities for the province. Augmented with the prospects of regional integration within South Asia and economic cooperation with Turkey, Punjab can outperform its previous economic growth rates and become a major player in this game changer. However, managing the youth bulge, energy shortage, rapid urbanisation and an arduous security situation are among the most onerous tasks for the government.
Further, to capitalise on the aforementioned opportunities and to address the upcoming challenges, Punjab government has devised the Punjab Growth Strategy. Encompassing all sectors of economy, this strategy presents a comprehensive plan to catalyse economic development. Growth is made inclusive by explicitly addressing development needs of South Punjab, rural areas, women and minorities. It is complemented by the Medium Term Development Framework (MTDF), which provides stability, cohesiveness and sustainability to development initiatives. To address the persisting stagnant national labour productivity, the strategy provides a framework to analyse and take on the challenges related to skills development and labour market. While endeavouring to keep the field largely open for the private sector, public-private partnerships and outsourcing, the government acknowledges that provision of public goods is among its core responsibilities and it will continue to invest optimally to attain equitable social outcomes, the sources said.