LAHORE: Provincial Finance Minister Makhdoom Hashim Jawan Bakhat said that a total of Rs 560 billion would be spent on developmental schemes/projects of various sectors during the next financial year (2021-2022).
During his budget speech in the assembly session here, he said that despite huge economic challenges and repercussions of corona pandemic, the government managed to increase its ADP by 66 per cent by allocating Rs 560 billion for development expenditures against Rs 337 billion of current FY. He observed that substantial increase in the ADP showed seriousness of the present government towards development of the province.
Hashim Jawan elaborated that out of the total Rs 560 billion development budget, Rs 205.5 billion would be spent on Social Sector (Education and Health) which 110 per cent higher than current FY; Rs 145.4 billion (87 per cent high) on Infrastructure Development, Rs 91.41 billion (92 per cent high) on Special Programmes, Rs 57.9 billion (234 per cent high) on Production sectors of economic growth including industry, agriculture, livestock, tourism, forests etc.
He said that Annual Development Programme had been prepared keeping in view the social development, economic growth and regional equalization; the very basis of PTI manifesto.
He mentioned that prominent initiatives under the ADP included District Development Programme, Universal Health Insurance Programme, Restoration of roads, setting up of Mother and Child Healthcare Hospitals, up-gradation of schools, special incentives for economic development, preparation of a workforce, Environment and Green Pakistan, and Public Housing Schemes.
He observed that outbreak of coronavirus pandemic had altogether changed the global economic scenario, but the Punjab government despite having meager resources, had not only managed to overcome mortality rate due to corona but also ensure economic stability by giving Rs 56 billion historic relief package for the trade sector.
Punjab was the only province which gave a hefty package of Rs 106 billion for families, whose livelihood was severely affected due to the covid-19, which gave tangible results.
Despite reduction in tax ratio on more than 25 services, he mentioned, Punjab Revenue Authority (PRA) collected Rs 359 billion as tax revenue against Rs 317 billion target for the current fiscal year ending June 30.
