Punjab govt tables Rs4.48trn interim budget for three months

The Punjab Government has proposed a budget of Rs4,480.7 billion to meet the official and development expenditures of the province for the remaining period of the fiscal year 2023-24.

Finance Minister Mujtaba Shuja presented the three-month budget to the provincial assembly, which outlines expenditures and revenue projections without imposing any new taxes. 

The total estimated revenue stands at Rs3,331.7 billion, with a significant portion, Rs2,706.4 billion, expected from the federal distributable pool under the National Finance Commission (NFC) Award. Provincial revenues are forecasted at Rs625.30 billion, marking a 25% increase over the previous year.

The budget document highlights allocations for various sectors: Rs513.73 billion for employees’ salaries, Rs392.10 billion for pensions, and Rs627.70 billion for local governments. 

The development budget is pegged at Rs655 billion, with Rs113.2 billion dedicated to foreign-aided projects. The development budget’s composition includes 36% for the social sector, 39% for infrastructure, 8% for the production sector, and 4% for the services sector, alongside 13% for public welfare programs.

The education sector is set to receive Rs595.8 billion, with a focus on improving school, higher, and special education. 

The health sector receives Rs473.62 billion, with substantial investments in rural and primary health centers and the establishment of the Nawaz Sharif Institute of Cancer Treatment and Research in Lahore. 

Significant increases in salaries and pensions have been announced, with a 35% hike for grades 1 to 16 and a 30% increase for grades 17 to 22, while pensions see a 17% rise. Plans for a Rs500 million provincial database authority aim to enhance data accuracy across sectors.

Other notable allocations include Rs1.40 billion for the welfare of religious minorities, Rs79.12 billion for agriculture development, and Rs25.75 billion for enhancing transportation.

Media workers benefit from a Rs1 billion journalist endowment fund, and infrastructure projects include a Rs320 billion initiative to construct and repair 82 roads. Housing and environmental projects such as the “Apni Chhat, Apna Ghar” programme and initiatives for smog-free transportation options underline the budget’s comprehensive scope.