Punjab unveils Rs5.37 trillion Budget today with focus on development, welfare
No new taxes will be introduced in the 2024-25 provincial budget; instead, the focus will be on enhancing the recovery of existing taxes to boost resources.
LAHORE – The government of Punjab is set to unveil a budget of approximately Rs5.37 trillion today on Thursday, a day after federal budget was presented.
Sources familiar with development revealed that salaries will see increase of up to 25 percent respectively, in line with federal government announcements.
CM Maryam Nawaz led provincial government is expected to receive Rs3.7 trillion from the federal divisible pool under the National Finance Commission (NFC) award, while the provincial revenue target exceeds Rs1.025 trillion.
Key budget allocations include Rs595 billion for salaries, Rs445 billion for pensions, Rs840 billion for service delivery costs, and Rs700 billion for development. Notable allocations include Rs30 billion for the Ramazan Package and Rs8 billion for the Central Business District (CBD).’
Punjab Budget 2024-25
| Category | Details |
|---|---|
| Total Budget | Rs5.37 trillion |
| Annual Development Plan | Rs700 billion |
| Salary Increase | 20-25% |
| Minimum Wage | Rs37,000 |
| Federal Divisible Pool (NFC Award) | Rs3.7 trillion |
| Provincial Revenue Target | Over Rs1.025 trillion |
| Allocations | Rs595 billion for salaries Rs445 billion for pensions Rs840 billion for service delivery costs Rs700 billion for development |
| Specific Allocations | Rs30 billion for Ramazan Package Rs8 billion for Central Business District (CBD) |
| Development Budget Schemes | Total: 1,863 schemes Ongoing: 1,617 schemes New: 246 schemes |
| Sector Allocations | Rs22 billion for roads Rs2 billion for special education Rs3.5 billion for literacy and non-formal education Rs4.8 billion for sports and youth affairs Rs76.5 billion for specialized healthcare Rs33.89 billion for primary healthcare Rs3 billion for population welfare Rs2 billion for water supply and sanitation Rs1.7 billion for social welfare Rs14 billion for local government and community development Over Rs10 billion for industrial development Rs37.3 billion for planning and development |
| Revenue Focus | Recovery of existing taxes, utilization of natural resources and government assets |
| Mega Projects Implementation | Public-private partnerships |
| Subsidies | Food and transport sectors |
| Sector Focus for Productivity | Industry and agriculture |
The development budget will cover 1,863 schemes, with 1,617 ongoing and 246 new projects. Specific sector allocations include over Rs22 billion for roads, Rs2 billion for special education, Rs3.5 billion for literacy and non-formal education, Rs4.8 billion for sports and youth affairs, Rs76.5 billion for specialized healthcare, Rs33.89 billion for primary healthcare, Rs3 billion for population welfare, Rs2 billion for water supply and sanitation, Rs1.7 billion for social welfare, Rs14 billion for local government and community development, over Rs10 billion for industrial development, and Rs37.3 billion for planning and development.
No new taxes will be introduced in the 2024-25 provincial budget; instead, the focus will be on enhancing the recovery of existing taxes to boost resources. The government aims to increase revenue generation through the efficient utilization of natural resources and government assets.
Prioritizing education, health, and social security, the government plans to implement mega projects through public-private partnerships. Subsidies in the food and transport sectors will continue, while the industry and agriculture sectors will receive special attention to boost provincial productivity.
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Both local and international investors will be given equal investment opportunities. Additionally, investments will be made in the IT sector to drive economic development. The budget also addresses the challenges faced by manufacturers and the business community.
