Punjab cabinet approves FY2023-24 budget

LAHORE: The Punjab cabinet, in a meeting held under the chairmanship of caretaker Punjab Chief Minister Mohsin Naqvi on Monday, approved the provincial budget for the first four months of the fiscal year 2023-24.

The cabinet approved 30 per cent increase in salaries of the government employees and the raise would be given under the head of ad hoc relief. Pensioners above 80 years would get 20 per cent increase in their pensions, the state news agency reported.

A decision had been made to withdraw all duties and taxes for promotion of business of Information Technology and education. Rs 70 billion had been set aside for providing relief to people in four months.

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.