LAHORE
Finance Minister Ishaq Dar concludes his speech.
THE Punjab government will present over Rs890 billion budget with development budget of almost Rs285 billion on Monday (today), focusing on solar energy, small hydel power projects and ‘special initiatives’ of the chief minister.
LAHORE: Provincial Finance Minister, Mujtaba Shujaur Rehman unveiled the Rs 882 billion budget for fiscal year 2013-14 on Monday. The budget seeks a ten percent increase in the salaries of government employees and recommends that the minimum wage be raised to Rs 10,000.
The government is expecting Rs40 billion from international financial and development agencies for the various uplift projects, generating almost Rs25 billion non-tax revenue and Rs50 billion from GST on services and almost Rs95 billion from Excise and Taxation and Provincial Board of Revenue. Besides, Punjab will get over Rs700 billion during 2013-14 from federal divisible pool of the resources. According to the sources, the government has allocated some Rs110 billion for ongoing development schemes, Rs120 billion for new development schemes, Rs17 billion for District Development and Rs40 billion for the Chief Minister’s Special Initiatives.
Youths below the age of 25 and holding a masters degree will receive a stipend of 10,000 per month during a one year training program. PM Youth Skill development program will be launched.
Hybrid cars up to 1200cc will not have any duty, sales tax or income tax. Duty on Hybrid Vehicles 1200 to 1800 to be reduced by 25 percent.
Sales tax to be increased from 16 to 17 percent.
Commercial and industrial electricity account holders will be charged an additional five percent sales tax if they are not registered tax payers. When they are registered this increase will be withdrawn: Dar
The new Metro Bus projects will start in Rawalpindi and Muree are also expected to start during the next fiscal year along two other routes of the bus in Lahore. However, funding for these projects will be made from the block allocations of the resources.
Famous laptop scheme will also continue during the next fiscal year as well while almost 70,000 computers would be distributed on merit among the students of the province while some Rs4 billion will be allocated for successful execution of the scheme. For education sector, almost Rs28.6 billion are allocated, out of which Rs17 billion for school education, Rs8.5 billion for higher education, Rs1.2 billion for special education and Rs1.9 billion for literacy and non-formal basic education. The health sector development schemes will have Rs19 billion allocation, public health engineering development schemes of Rs13.5 billion, sports sector Rs2.2 billion, water supplies and sanitation development projects Rs10 billion, Rs16 billion for regional planning, Rs1.7 billion for local government development schemes, Rs33 billion for roads sector development schemes, Rs23 billion for irrigation sector, Rs10 billion for public sector buildings development projects, Rs5 billion each for planning and development board development schemes, Urban Development Schemes, Agriculture Sector, Rs1.7 billion for livestock and dairy development, Rs5 billion for information and technology development schemes and Rs6.3 billion for transport sector schemes.
For tourism development Rs170 million are being allocated, Rs270 million for environment protection development projects, Rs500 million for youth and culture affairs, Rs350 million for archaeology, Rs250 million for fisheries, Rs350 million for wildlife, Rs480 million for forestry and Rs220 million for human rights development schemes.
The PML-N government will continue its initiatives which it had during it last year of previous tenure of cardiology hospitals, rapid bus service, laptop schemes, Danish Schools and Ashiana Housing projects.
Finance Minister Ishaq dar begins his budget address on the floor of the National Assembly.
This budget is the economic policy statement on the PML-N Finance Minister......
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