Rs1,200b Punjab budget likely on 13th
The Punjab Assembly is expected to convene on June 11, as a summary proposing the session has been forwarded to the governor, according to official sources.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
PSX crosses 126,000 barrier for first time as record rally continues
Listen to article The Pakistan Stock Exchange (PSX) continued its upward momentum for the third consecutive day on Thursday, with the benchmark KSE-100 index reaching an all-time high of 126,025.99 points during intra-day trading. The index rose by 1,673.31 points, or 1.35%, in early trading, marking a new milestone for the bourse during the intra-day trading. The index reached a daily high of 126,055.32 and a low of 124,807.09. The previous close was recorded at 124,352.68. Trading volume was recorded at 113,574,464 shares, with a total value of 11,375,804,736. Earlier on Wednesday, PSX saw a significant rally, with the KSE-100 index soaring by 2,328 points (1.91%) to an all-time high of 124,352.68, fueled by investor optimism following the federal budget announcement. The budget, which maintained the status quo on equity taxation and increased withholding tax on bank deposits, was welcomed by market participants as it was seen as favourable for capital markets and the economy. Analysts highlighted that the budget's provisions, including projections of a 3.9% fiscal deficit and a Rs1 trillion federal PSDP, added to the bullish sentiment. Read more: PSX at new peak as budget sparks optimism Arif Habib Corp MD Ahsan Mehanti observed that stocks reached a new all-time high, led by across-the-board activity, as investors cheered the status quo on equity taxes and higher withholding taxes on bank deposits in the FY26 budget. Broad-based participation drove the rally, with strong gains in sectors like cement, oil and gas, banking, and fertilisers. Notable stocks such as Lucky Cement, Fauji Fertiliser, and Pakistan Petroleum saw significant gains. Investor confidence was further boosted by the avoidance of new taxes and the continuation of subsidies for key sectors. JS Global analyst Mubashir Anis Naviwala said that the stock market welcomed the budget with strong optimism, breaking all resistance levels to cross the 124,000 mark. A new historic intra-day high of 124,588 was reached before the index settled at 124,353, up 2,328 points. The market experienced a sharp rise in trading volumes, reaching 1.04 billion shares, with a value of Rs46.7 billion. The day's trading also saw a positive trend in shares, with 283 stocks closing higher. However, foreign investors sold shares worth Rs1.1 billion, as reported by the National Clearing Company.
Express Tribune
5 hours ago
- Express Tribune
Bread makers push for rate hike
The Pakistan Naanbai Association and the tandoor bodies of the twin cities Rawalpindi and Islamabad have issued a one-week notice to the government and Deputy Commissioners regarding the steep increase in prices of flour, fine flour, and commercial gas cylinders, demanding a rise in the prices of bread, naan, and paratha. A joint convention of naanbai bodies from Islamabad and all districts of Punjab has been called in Rawalpindi after Eidul Azha. During this convention, a decision will be made either to officially announce the new prices of bread and naan or to launch a complete strike and protest. Shafeeq Abbasi, the central president of the association, says a sack of red flour costs Rs6,000 from the mills to the tandoor, while fine flour is being sold at Rs7,200 per sack. Within a week, the price of regular flour has increased by Rs500 and fine flour by Rs600 - a trend that continues to rise, he adds. "Despite the extreme heat, no tandoor has access to Sui gas. Every tandoor operator is forced to buy commercial gas cylinders for Rs14,000 each to operate. Sui gas and LNG supplies are completely shut off. Electricity prices have also increased, while rental costs for tandoors and labour wages have gone up." Additionally, the prices of ghee, oil, and dry milk have surged, he says and adds under these conditions it is impossible for them to sell affordable bread. Abbasi demanded the government fix new, increased prices for bread; otherwise, after Eid, the All Punjab Tandoor Owners Convention will decide on strict measures.
Express Tribune
6 hours ago
- Express Tribune
'No new tax in Punjab budget'
The Punjab government will present its annual budget for the fiscal year 2025-26 on June 16, following a short delay from the previously announced date of June 13. Finance Minister Mujtaba Shujaur Rehman confirmed the change, citing the need for additional preparation. He reiterated that no new tax will be introduced in the budget. Estimated at over Rs1.2 trillion, the fiscal plan is expected to feature a record-breaking development outlay, with strong emphasis on health, education, infrastructure and tourism. According to official sources, the finalised draft includes more than 850 development schemes, with a total allocation exceeding Rs353 billion. This includes approximately Rs161 billion for 520 ongoing projects, around Rs135 billion for 333 new schemes, and over Rs57 billion allocated to six major development projects. The Punjab Planning and Development Department has outlined a wide distribution of funds across key sectors. Urban development is expected to receive Rs145 billion, while the local government and community development department is proposed to receive Rs142 billion. The road sector is set to receive Rs120 billion, with Rs90 billion earmarked for health and population welfare. The school education department is likely to receive Rs100 billion, while agriculture is expected to get Rs80 billion. Transport and specialised healthcare are set to be allocated Rs70 billion each. Planning and development, and governance and IT are each proposed to receive Rs40 billion. Additional allocations include Rs40 billion for irrigation, Rs25 billion each for public buildings and higher education, and Rs30 billion for tourism - a 600 per cent increase over the previous year. The industries sector is proposed to receive Rs12 billion and fisheries Rs10 billion, while wildlife would also be allocated Rs10 billion. The environment sector is expected to receive Rs15 billion, skill development Rs12 billion, sports Rs7.6 billion, energy Rs7.5 billion, water supply and sanitation Rs6 billion, and price control and commodities management Rs5.51 billion. Forestry and livestock are each proposed to receive Rs5 billion, while human rights, minority affairs, and literacy are each set to receive Rs4 billion. Social welfare is allocated Rs3 billion, special education Rs2 billion, and information and culture Rs5 billion. The development budget includes Rs893 billion in local funding and Rs184 billion in foreign assistance. An additional Rs125 billion is reserved for development initiatives of the chief minister. Key projects under the upcoming budget include the expansion of Nawaz Sharif Medical City in Lahore, where new hospitals will be constructed under a public-private partnership model. The government also plans to roll out extensive sanitation and drinking water programmes across the province. Infrastructure development remains a central priority. The provincial transport network will be expanded to additional cities, while road and urban infrastructure projects are planned in 66 cities. The sources confirmed that proposals for new taxes, submitted by the Board of Revenue and the Punjab Revenue Authority, had been rejected by Chief Minister Maryam Nawaz Sharif. Instead, the government is reviewing the current tax structure to assess possible adjustments in existing rates. The Punjab Assembly is scheduled to convene on June 16 for the presentation of the budget.
