Tuesday, 30 May 2023

Proposals for development budget of Punjab for next financial year

Preliminary proposals have been prepared for the development budget of Punjab for the next financial year. Apart from the recommendations for allocating a development package of Rs. 475 billion for the province and Rs. 60 billion for Lahore, projects worth Rs. 35 billion for Mianwali district have also been proposed.

Preparations for Punjab’s budget for the next financial year 2021 are underway. The P&D Board has prepared the first proposed draft of the development budget for the next financial year. It proposed to allocate Rs. 265 billion for ongoing development schemes in the next financial year. New development projects launched in Punjab at a cost of Rs. 126 billion. In the new financial year, funds will also be set aside for the prevention of corona and the purchase of vaccines.

Projects worth Rs 35 billion proposed for Mianwali district, the hometown of the Prime Minister. According to sources, construction work still underway on 138 projects started in Mianwali. The budget for ongoing projects will include in the new financial year.

Sources said that development programs worth Rs 50 billion included in the current financial year. The Punjab government released more than Rs. 7 billion from the allocated budget. The Punjab government claimed that 80% of the released funds spent.

Special Assistant for Information Punjab Dr. Firdous Ashiq said that the budget of Punjab for the next financial year will be people and farmer friendly while the basic rights of the oppressed sections will be protected in the budget.

Budget of Government Universities in Lahore

It recommended to make a big cut of 80% in the budget of government universities of Lahore. In budget it proposed to keep only Rs2.3 billion instead of Rs14 billion for 6 universities of the city. It proposed to set aside only Rs. 25 crore out of Rs. 2 billion 95 crore for setting up of UET Innovation Center. According to sources, it recommended to set aside Rs 90 million instead of Rs 95 crore for infrastructure improvement in UIT. Out of Rs 5.92 billion, only Rs 40 crore proposed for UET expansion program.

It proposed to set aside Rs. 40 crore instead of Rs. 97 crore for Punjab University Academic and Research Program. It recommended to keep only Rs. 78 crore out of Rs. 3 billion in the expansion program of Tianjin University Lahore.

According to P&D department officials, initial recommendations on development budget have been prepared. The meeting, chaired by the Punjab Chief Minister, will consider further improvement of the proposals.

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Punjab Budget | Budget 2021 | Finance Act 2021 | Development Budget | Budget Proposals |

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