Punjab Caretaker Govt Announce Four-Month Budget
On Monday, the Punjab caretaker government unveiled its budget for the initial four months of the fiscal year 2003-24. The announcement came with great anticipation as stakeholders eagerly awaited the financial roadmap.
In adherence to the constitutional provisions, the Punjab caretaker government formulated plans to release the four-month budget. Due to the absence of an elected government, the caretaker chief minister’s signature was required to authorize this interim budget. This measure aimed to address ongoing expenses and effectively administer the province’s day-to-day affairs.
With the provincial assembly unavailable, the presentation of the finance bill remains in a state of suspension. Nevertheless, the caretaker cabinet diligently assessed and granted approval to the budget, paving the way for its official release in due course.
For the upcoming four-month period, a comprehensive allocation of Rs1,719.3 billion has been designated. It is noteworthy that this amount is lower compared to the budget of Rs3,206.4 billion allocated for the fiscal year 2022-23.
In the preceding financial year, the development budget was established at Rs685 billion. However, in the current four-month budget, a dedicated allocation of Rs325 billion has been specifically set aside to sustain essential initiatives throughout this interim period.
Moreover, substantial provisions have been designated to tackle diverse financial obligations and uphold the seamless operation of the province.
Within these allocations, a sum of Rs158.4 billion has been earmarked for government employee salaries, while Rs116.7 billion has been allotted for pensions.
Additionally, an allocation of Rs153.6 billion has been designated for subsidies.
Furthermore, a substantial amount of Rs193.5 billion has been reserved for the Provincial Finance Commission.
In a noteworthy decision, the caretaker provincial cabinet has granted a 30% increase in salaries to all government employees in Punjab as ad hoc relief. Moreover, retired employees above the age of 80 will receive a 20% increment in their pensions.
The caretaker cabinet took a significant step by eliminating all taxes and duties imposed on the information technology industry within the province. To further alleviate the burden on the people during this period, a substantial allocation of Rs70 billion has been dedicated for providing relief measures.
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In accordance with an official statement, a proposition to raise the stamp duty was dismissed, and it was retained at a rate of 1% to bolster the construction industry. To extend support to farmers and foster modernization, a substantial allocation of Rs47.6 billion has been sanctioned for the agriculture sector, aiming to provide relief and facilitate advancements in farming practices.
For the entirety of the preceding year, an allocation of Rs12 billion was dedicated to this purpose.
In a decisive move, the caretaker cabinet has committed to accomplishing fifty percent of the ongoing development projects within the province during the upcoming four months.
The caretaker cabinet sanctioned expenses amounting to Rs16 billion for the operationalization of a power plant situated in the Trimmu area of Jhang. This power plant had remained non-functional since 2017, and the approved funds aim to restore its functionality.