Punjab Interim Cabinet Approves Budget with Salary Increase and Tax Exemptions
The interim Punjab cabinet, led by Chief Minister Mohsin Naqvi, has granted approval for the provincial budget for the first four months of the fiscal year 2023-24. In a significant move, the cabinet has agreed upon a 30% salary increase for government employees, which will be provided under the ad hoc relief category. Pensioners above 80 years of age will also receive a 20% increase in their pensions.
Boosting Business and Providing Relief
To promote the business of information technology and education, the cabinet has decided to eliminate all duties and taxes. A substantial amount of Rs70 billion has been allocated to provide relief to the people over the course of four months. This step aims to support economic growth and ease financial burdens.
Promoting Construction and Agriculture
Rejecting the recommendation to increase stamp duty up to 3%, the cabinet has instead approved a fixed ratio of 1% for stamp duty in order to encourage the construction sector. Additionally, an allocation of more than Rs47 billion has been made for the agriculture sector, reflecting the government’s commitment to boosting agricultural productivity and ensuring food security.
Development Projects and Power Plant Restoration
The interim set-up has pledged to complete 50% of ongoing development projects within the first four months of the new fiscal year. This initiative demonstrates the government’s dedication to timely project completion and effective utilization of resources. Furthermore, Rs16 billion has been earmarked to revive a power plant that has been closed since 2017, aiming to address the energy crisis and stabilize the power supply.
Investing in Education, Health, and Information Technology
Recognizing the importance of education and health, the provincial cabinet has green-lighted a budget increase of up to 31% for these sectors during the initial four months of the new fiscal year. This additional funding will contribute to the improvement of educational facilities, healthcare services, and the overall well-being of the people. In addition, the cabinet has approved the establishment of an information technology park in Lahore Knowledge Park, further promoting technological advancements in the region.
Supporting Journalists and Transparency
In a move to support the journalistic community, the cabinet has given approval for the creation of an endowment fund with a budget of Rs1 billion. This fund aims to provide financial assistance and promote ethical journalism practices, ensuring the dissemination of accurate information to the public.
No New Taxes Imposed
Chief Minister Mohsin Naqvi emphasized that no new taxes have been imposed in the Punjab budget. He commended the efforts of the Punjab chief secretary, Planning and Development Board chairman, Punjab finance secretary, and the entire team for presenting a budget that prioritizes the welfare and interests of the people.
The cabinet meeting was attended by provincial ministers, advisors, and secretaries of relevant departments. This budget approval signifies the government’s commitment to sustainable development and progress in Punjab.
Published in PakWeb, June 20th, 2023.
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