Rs1,200b Punjab budget likely on 13th
The provincial government is preparing to present the annual budget for the fiscal year 2024-25 on June 13, with the Finance Department finalizing arrangements.
Budget documents have been sent for printing, and Finance Minister Mujtaba Shujaur Rehman is in the process of drafting his budget speech.
Sources indicate that Chief Minister Maryam Nawaz Sharif has directed that no new taxes be introduced in the upcoming budget.
Proposals from the Board of Revenue and the Punjab Revenue Authority suggesting new tax measures have reportedly been rejected. Instead, the government is reviewing existing taxes to assess potential changes in their rates.
The total size of the upcoming budget is expected to be around Rs1,200 billion.
Special attention will be given to health, education, and tourism in the new fiscal plan. Compared to the previous year, the education budget will see an increase of Rs110 billion, while the health sector allocation is expected to rise by Rs90 billion.
Tourism is set to receive a significant boost, with a 600% increase in funding. The tourism budget is estimated at Rs35 billion.
One of the flagship initiatives under the new budget is the expansion of healthcare facilities in Lahore's Nawaz Sharif Medical City, where additional hospitals will be constructed under a public-private partnership model.
The provincial government is also planning to introduce extensive sanitation and clean drinking water schemes across Punjab.
Infrastructure development will be another major focus.
The transport network is being expanded to additional cities, while road and infrastructure projects are planned for 66 cities throughout the province.
The government aims to promote inclusive growth and improved public services without adding new tax burdens on the public.
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