Punjab cabinet approves FY 2023-24 budget for four months

Lahore: In a meeting held on Monday under the chairmanship of interim Punjab Chief Minister Mohsin Naqvi, the Punjab cabinet approved the provincial budget for the first quarter of the fiscal year 2023–24. The salary increases for government workers were approved by the cabinet and will be paid under the category of ad hoc relief. The average pension has increased by 5%, but pensioners over the age of 80 will see a 20% increase. It was decided to stop collecting all taxes and duties for the purpose of promoting education and the IT sector. In four months, Rs 70 billion will be set aside for relief efforts.

The cabinet also rejected the recommendation to increase stamp duty up to 3 per cent. Approval had been given to fix ratio of stamp duty to 1 per cent for promotion of construction sector. Approval had been given to allocate more than Rs 47 billion for the agriculture sector.

A decision had been made to complete 50 per cent ongoing development projects in the first four months of new fiscal year. Approval had been given to allocate Rs 16 billion to make power plant functional that was closed in 2017. Approval had also been given to increase budget for education and health by 31 per cent in four months.

Approval had also been given to set up Information Technology Park in Lahore Knowledge Park. The cabinet also gave approval to set up endowment fund with Rs 1 billion for journalists.

Punjab CM Mohsin Naqvi said that no new tax had been imposed in the Punjab budget. He appreciated the Punjab chief secretary, Planning and Development Board chairman, Punjab finance secretary and the team for presenting people-friendly budget.

Provincial ministers, advisors, secretaries of relevant departments attended the meeting.