LAHORE – Finance Minister Mian Mujtaba Shuja-ur-Rehman presented tax-free surplus budget for the fiscal year 2024-25 with total outlay of Rs5.446 trillion at the Punjab Assembly on Thursday, amid rumpus from the opposition benches.
The budget comes a day after the federal government unveiled the proposed finance bill for next fiscal year in the parliament.
As per the budget speech, total income is estimated at Rs4.643 trillion. Punjab is expected to receive Rs3.683 trillion from Centre under the National Finance Commission (NFC) award. It has fixed the revenue target at Rs960.3 billion.
The government has proposed allocation of Rs595 billion for salaries, Rs445 billion for pensions, Rs840 billion for service delivery costs, and Rs700 billion for development.
It has also allocated a significant amount for over 1,800 development schemes across the province. The government has earmarked Rs64.6 billion for Agriculture, Rs76.5 billion for specialized healthcare and Rs42.6 billion for primary healthcare. The government has not levied any new taxes but it has proposed measures to boost the recovery of taxes.
It has also earmarked Rs80 billion for fulfilling development needs in districts, Rs296 billion for rehabilitation of 2380 kilometre long roads, Rs135 billion for 482 roads rehabilitation schemes, Rs30 billion for the Ramadan relief package, Rs8 billion for the Central Business District (CBD), Rs2.5 billion for Undergraduate Scholarship Program, Rs3 billion for setting up Garment City, Rs7 billion for providing playgrounds in every constituency, Rs10 billion for Laptop Scheme, Rs1 billion for daycare centres, Rs2 billion for Himat Card Scheme for disabled, Rs1 billion for skill development for transgenders, Rs2.5 billion for minority development fund, Rs56 billion for setting up Nawaz Sharif Institute of Cancer Treatment in Lahore, Rs8.84 billion for Nawaz Sharif Institute of Cardiology in Sargodha, Rs450 million for air ambulance and Rs1 billion for clinic on wheels.
As many as Rs10 billion has been allocated for climate resilient fund, Rs8 billion for Plant for Pakistan project, Rs49 billion for launching environment friendly bus service in five major cities, Rs3.8 billion for Smart Safe City program and Rs10 billion for Murree Development Program.
It has earmarked Rs9.5 billion for giving free solar panels to households consuming less than 100 units of electricity, Rs10 billion for free houses for the poor, Rs9 billion for shifting 7000 tubewells to solar
Punjab has proposed giving interest free loans worth Rs75 billion to half a million farmers, Rs30 billion for green tractor scheme, Rs2 billion for dairy farming, Rs8 billion for shrimp farming and Rs5 billion for setting up fish market in Lahore.
On the pattern of federal government, Punjab has announced 25% increase in salaries of BPS-1 to BPS-16 employees and 20% for BPS-17 and above. It has also increased the pension by 15%. In line with the proposal made by the federal government in the budget, Punjab also jacked up the minimum wages by Rs5,000 to Rs37,000 for unskilled labourers.
