LAHORE – The Punjab government, led by caretaker Chief Minister Syed Mohsin Naqvi, on Monday unveiled the fiscal year 2023–24 budget with Rs1,719 billion spending for four months, marking the first time in history that a caretaker government has presented a budget.
Interim Punjab Information Minister Aamir Mir stated during a news conference in Lahore that the budget was approved after receiving approval from the cabinet.
30% increase in salaries, 5% in pensions
In the budget, a 30 percent pay raise for public employees and a 20 percent raise for pensions for individuals who are over 80 years old were also announced.
The pension raise will be contingent on a number of factors, especially for people between the ages of 60 and 80. They would receive a 5% raise, which is different from the overall increase that both the federal and Sindh governments gave to all pensioners.
A one billion rupee endowment fund for journalists has also been created.
No new taxes
Mohsin Naqvi, the interim chief minister of Punjab, gave public the assurance that the budget for Punjab did not include any additional levies.
In response to the public’s worries, he emphasised the government’s commitment to offering assistance in these difficult times.
Taxes for IT businesses withdrawn
All taxes and charges have been eliminated in an effort to support business in information technology.
This action intends to promote development and innovation in the IT industry. The exemption from taxes and charges for the IT sector has been approved by the provincial government, creating a supportive climate for businesses to prosper.
A further grant of Rs70 billion for a four-month term has been agreed to lessen the financial strain on the people of Punjab.
The rate of stamp duty has been set at a reasonable one percent in an effort to support the building sector.
Agriculture, Health and Education
A sizeable budget of Rs47.60 billion has been allotted in acknowledgment of the importance of agriculture. While the plan to raise stamp duty to 3% was rejected to maintain a balanced strategy that helps the economy recover without burdening people in general.
Additionally, the administration set a lofty goal to complete 50% of Punjab’s current development projects in the first quarter of the next fiscal year.
For the four-month period, the budgets for health and education likewise saw a rise of 31%.
A budget of 16 billion rupees has been set aside to reopen a power plant that has been closed since 2017.
Budget 2023-24: Punjab cabinet approves increase in salaries, pensions of government employees
