Development budget increased by 66%
The education sector will be receiving the highest share in the Punjab budget 2021-22 with Rs442 billion allocated for it for the next fiscal year. Spending on education will be 17% of the total Punjab budget.
Punjab Finance Minister Hashim Jawan Bakht announced the budget on Monday that has a total outlay of Rs2,653 billion.
The education budget is 13% higher than it was last year.
Meanwhile, the health budget saw a hike of 30%. The Punjab government will be spending Rs369.3 billion on the health sector next fiscal year.
The provincial government will be spending Rs204.3 billion on infrastructure with an increase of 58% as compared to the previous year.
It will also be spending 57% more this year on the rural economy next fiscal year at Rs96.8 billion. It will be spending 78.6 billion on agriculture and livestock.
The development budget is set at Rs560 billion, which is 66.2% higher than the last year’s Annual Development Programme (ADP) of Rs337 billion.
The current and service delivery budget is Rs1,427.9 billion, which has increased by 8.3%. Last time it was Rs1,318.3 billion.
The Punjab government has decided to give a Tax Relief Package of over Rs50 billion this year also for ease of business as the economy reels from the effects of the Covid-19 pandemic.
Meanwhile, a 10% increase for each salary and pension for government employees has been announced.
Punjab will be receiving Rs1,684 billion from the revenues of FBR. FBR will be targeting to collect Rs5,829 billion next year. Punjab will be generating revenues of its own of Rs404.6 billion. The country’s largest province will be having a surplus of Rs125 billion.