Punjab presents Rs4,480.7 billion budget for fiscal year 2023-24. Finance Minister Mujtaba Shujaur Rehman unveiled the provincial budget for the fiscal year 2023-24 during today’s session of the Punjab Assembly.
Punjab presents budget for fiscal year 2023-24
The budget, amounting to a substantial Rs4,480.7 billion, reflects the government’s strategic financial planning and priorities for the upcoming year.
Enhanced Provincial Income Projections
Addressing the assembly, Minister Rehman provided insights into the budget’s revenue projections.
He revealed an estimated total income of Rs3331.7 billion, with a significant portion of Rs2706.4 billion expected to be sourced from the Federal Divisible Pool under the NFC Award.
Notably, provincial revenue is projected to witness a remarkable 25 percent surge compared to the previous fiscal year, reaching Rs625.3 billion.
This uptick in revenue is attributed to various sectors, including the Punjab Revenue Authority, set to generate Rs240 billion, the Board of Revenue with Rs99.2 billion, and the Excise Department contributing Rs45.5 billion.
Strategic Investments and Initiatives
Minister Rehman highlighted several key investments and initiatives embedded within the budget.
Among these is the groundbreaking Rs30 billion Ramadan Package, aiming to deliver special hampers to deserving families directly to their doorsteps for the first time in Punjab’s history.
Furthermore, significant allocations of Rs10 billion for the Nawaz Sharif IT City in Lahore, Rs4 billion for the IT Infrastructure Investment Programme, and Rs500 million for the establishment of the Provincial Database Authority were announced.
Education and Health Sector Priorities
Underscoring the government’s commitment to social development, Minister Rehman outlined substantial allocations for the education and health sectors.
A total budget of Rs595.8 billion has been earmarked for education, representing 26 percent of the non-development provincial budget.
Additionally, the launch of a five-year Health Reforms Programme was announced, with a grant allocation of Rs473.62 billion dedicated to the health sector for the fiscal year.
The minister also disclosed plans for four overhauling programs aimed at improving Rural Health Centers and Basic Health Units, with a total expenditure of Rs40 billion.
The establishment of the Nawaz Sharif Institute of Cancer Treatment and Research in Lahore, with an estimated cost of Rs30 billion, underscores the government’s commitment to enhancing healthcare infrastructure.
Infrastructure Development: Focus on Road Networks
In a bid to bolster infrastructure across the province, Minister Rehman allocated Rs320 billion for the construction and repair of 80 roads and highways.
This significant investment underscores the government’s resolve to improve connectivity and transportation networks, vital for economic growth and development.
Towards a Prosperous and Inclusive Punjab
The unveiling of Punjab’s budget for FY 2023-24 signals a bold step towards economic prosperity and social development.
With strategic investments across key sectors and a focus on inclusive growth, the government aims to pave the way for a brighter and more prosperous future for the people of Punjab.
