Punjab Cabinet Approves Rs4,480 Billion Budget for Fiscal Year 2023-24
Punjab Budget 2023-24: Focus on Agricultural Development and Debt Repayment.
Lahore: The Punjab cabinet, under the leadership of Chief Minister Maryam Nawaz Sharif, has given the green light to the budget for the fiscal year 2023-24, amounting to Rs4,480 billion. This decision was made during a cabinet meeting attended by key officials and ministers, indicating a collaborative effort towards the province’s economic stability and growth.
Key allocations in the budget include Rs473.6 billion for health, Rs596 billion for education, Rs382 billion for construction, and Rs127.7 billion for local government projects, reflecting a commitment to enhancing vital sectors essential for the well-being and development of the province’s populace.
Additionally, various initiatives have been earmarked for funding, such as a Rs30 billion Ramazan package, Rs11 billion for free books for students, and Rs12.5 billion for the Central Business District and PKLI endowment fund, underlining the government’s dedication to promoting education, healthcare, and economic growth.
The budget also prioritizes agricultural development and debt repayment, with Rs264 billion allocated for wheat debt payment and Rs25.6 billion designated for agriculture subsidies, aimed at supporting farmers and ensuring food security.
Furthermore, amendments to the Punjab Sales Tax Service Act have been approved, along with the supplementary budget for July-October, and November-February and March 2024, demonstrating a comprehensive approach towards fiscal management and governance.
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The approval of the budget marks a significant milestone in Punjab’s journey towards progress and prosperity. The budget will now be presented before the Punjab Assembly, where it is expected to undergo a thorough debate before final approval, reflecting the democratic process and commitment to transparency in governance.
