LAHORE: The Punjab Cabinet has approved the largest tax-free surplus budget in the history of the province, after which the budget was presented in the Punjab Assembly, salaries have been increased by 20-25% and pensions by 15%
The budget of Punjab was presented in the assembly, the points of which are being presented by Finance Minister Mujta Shujaur Rehman.
Punjab cabinet meeting, approval of finance bill
Earlier, the 9th meeting of the Punjab Cabinet was held under the chairmanship of Chief Minister Punjab Maryam Nawaz. The Cabinet approved the budget of Rs 5446 billion for the next fiscal year 2024-25. The Chief Minister signed the budget document 2024-25.
For the first time in Punjab, dead schemes worth 530 billion have been closed from the development budget and new schemes have been added. No new taxes were introduced in the new budget, nor were the rates of existing taxes increased. Revenue will be increased by 53 percent from fiscal sources without raising taxes.
The budget includes development expenditure of 842 billion rupees, surplus budget of 630 billion rupees. The annual development plan will include 77 new mega projects.
The biggest development package in the history of Punjab was also approved. The provincial cabinet approved a record development budget of 842 billion rupees. The previous revenue target was set at 625 billion rupees while the current revenue target was set at 960 billion rupees. 960 billion revenue will be collected by the province from its own sources.
Punjab has approved raising the minimum wage from Rs 32,000 to Rs 37,000, 20 to 25 percent increase in salaries and 15 percent increase in pension.
A record increase of one billion rupees was made for the first time in the Minority Development Fund, the approval of payment of wheat debt of 375 billion rupees, more than 54 billion will be saved in the interest.
6 billion rupees for laptop scheme, 5 billion rupees approved for OPKLI endowment fund, 130 billion rupees allocated for social protection, a record increase of 110 billion rupees.
Punjab collected 36% more tax than FBR target. 268 billion rupees have been approved for the supplementary grant of the 2023-24 budget. Supplementary budget statement for FY-24 2023 was approved.
26 billion for agricultural implements, Kisan Card 10 billion, CM Green Tractor Program 30 billion, CM District SGD Program 80 billion were approved.
35 billion for Lahore development, 5 billion for Murree, 2 billion for livestock card, 2 billion for Himmat and Nighaban card, 26 billion for restructuring education were approved.
