Lahore: For first time in history, Punjab witnessed its first-ever presentation of budget by caretaker government as Chief Minister Syed Mohsin Naqvi-led Punjab administration unveiled fiscal year 2023-24 budget with Rs 1,719bn outlay for four months.

Addressing presser here, Interim Punjab Information Minister Aamir Mir said that budget was approved following Cabinet nod. Meanwhile, in budget, 30 percent raise was announced in salaries of government employees with 20 percent increase in pensions of those older than 80 years.

Increase in pensions will be subject to certain conditions, specifically for individuals aged 60 to 80. They will receive 5 percent raise, which contradicts general increase provided to all pensioners by both federal and Sindh government.

Journalist endowment fund of one billion rupees has also been established. Mohsin Naqvi assured public that no new taxes have been imposed in Punjab budget.

Addressing concerns of people, he emphasised government's commitment to providing relief during these challenging times. In bid to promote information technology business education, all taxes and duties have been abolished.

This move aims to encourage growth and innovation in IT sector. Government has granted approval to exempt IT industries from any taxes or duties, fostering favourable environment for businesses to thrive.

Furthermore, to alleviate financial burden on people of Punjab, an allocation of Rs 70 billion has been approved for four-month period. In an effort to boost construction industry, rate of stamp duty has been fixed at modest one percent.

In recognition of importance of agriculture, substantial budget of Rs 47.60 billion has been allocated. While proposal to increase rate of stamp duty to 3 percent has been rejected, aiming to maintain balanced approach that supports economic recovery while not overburdening public.

Government also set an ambitious target of completing 50 percent of ongoing development projects in Punjab during first four months of new fiscal year.

Budget for health and education also witnessed 31 percent increase for four-month period. To make closed power plant operational since 2017, an allocation of 16 billion rupees has been made.

Published in The Daily National Courier, June, 19 2023

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