In a significant announcement, Punjab Finance Minister Mujtaba Shujaur Rehman revealed the provincial budget for the final quarter of the fiscal year 2023-24, totaling a substantial Rs4.48 trillion.
This announcement came during today’s session of the Punjab Assembly in Lahore, marking an important step in the financial planning and allocation process for the province.
Key Punjab Budget Highlights
During his detailed budget speech, Minister Rehman shed light on various aspects of the budget and explained the allocation strategy across different sectors. Here are the main highlights:
Total Income Estimate
Minister Rehman revealed that the estimate for total income stands at an impressive Rs3331.7 billion. He further explained that Punjab is set to receive Rs2706.4 billion from the Federal Divisible Pool under the NFC Award, indicating a significant financial inflow for the province.
Punjab Budget Allocation
The minister detailed that provincial revenue has been set at Rs625.3 billion, marking a notable 25 percent increase compared to the previous fiscal year. Within this allocation, specific revenue-generating bodies such as the Punjab Revenue Authority, Board of Revenue, and the Excise Department are expected to contribute substantially, with estimates of Rs240 billion, Rs99.2 billion, and Rs45.5 billion, respectively.
Special Initiatives and Packages
Minister Rehman highlighted several special initiatives and packages included in the budget, showing a commitment to public welfare and development. Notably, under the Rs30 billion Ramadan Package, the province aims to provide special hampers to deserving families, a historic first in Punjab’s history. Additionally, significant allocations of Rs10 billion for Pakistan’s largest Nawaz Sharif IT City in Lahore and Rs4 billion for the IT Infrastructure Investment Programme indicate a focus on technological advancement and innovation. The establishment of the Provincial Database Authority, with a budget of Rs500 million, further underscores efforts towards digital transformation.
Sector-Wise Allocations
Education Sector
A substantial allocation of Rs595.8 billion has been reserved for the education sector, constituting 26 percent of the total non-development provincial budget. This allocation reflects a commitment to enhancing educational infrastructure and quality across Punjab.
Health Sector
Minister Rehman announced the launch of a five-year Health Reforms Programme, with a grant allocation of Rs473.62 billion for the health sector in the current fiscal year. Furthermore, the introduction of four overhauling programs aimed at improving Rural Health Centers and Basic Health Units underscores the government’s dedication to healthcare development. The establishment of the Nawaz Sharif Institute of Cancer Treatment and Research in Lahore, with an estimated cost of Rs30 billion, highlights a proactive approach towards combating critical health challenges.
Infrastructure Development
A significant budget of Rs320 billion has been allocated for the construction and repair of 80 roads and highways throughout the province, signaling a commitment to enhancing infrastructure and connectivity for citizens.
The unveiling of the Punjab budget for the fiscal year 2023-24 marks a significant milestone in the province’s financial planning and allocation process. With a focus on public welfare, development, and strategic sectoral allocations, the budget reflects the government’s commitment to fostering inclusive growth and prosperity across Punjab.
