Punjab Cabinet Approves Rs4480.7 Billion Budget for FY 2023-24

Chief Minister Maryam Nawaz chaired the second meeting of the Punjab Cabinet, marking a milestone with the approval of the provincial budget for the fiscal year 2023-24, amounting to a significant Rs4480.7 billion.

The budget allocation prioritizes development, with Rs655 billion earmarked for development projects. Additionally, Rs20 billion has been dedicated to social security measures, underlining the government’s commitment to welfare initiatives.

Breakdown of the budget reveals substantial allocations: Rs473.6 billion for health, Rs596 billion for education, Rs382 billion for infrastructure development, and Rs127.7 billion for local government initiatives.Specific provisions have been made for various programs, including a Rs30 billion Ramazan package, Rs11 billion for free book distribution, and Rs12.5 billion for the Central Business District and PKLI endowment fund.

Furthermore, Rs11.4 billion has been allocated for hygiene expansion, while Rs264 billion will be directed towards settling wheat debt. An additional Rs25.6 billion has been set aside for agricultural subsidies, demonstrating the government’s steadfast support for farmers.

In addition to budget approval, the provincial cabinet greenlit the supplementary budget for 2023-24 and amendments to the Punjab Sales Tax Service Act. Budgets for specific periods covering July-October, November-February, and March 2024 were also sanctioned.

Chief Minister Maryam Nawaz received accolades for presenting what was hailed as the most comprehensive Ramazan package to date. She expressed satisfaction with the government’s efforts in price control, noting a decrease in commodity prices due to these measures.

Maryam Nawaz commended the team for their dedicated implementation of the Ramazan package and effective price control measures. She assured that next year’s package would build upon authentic data. Maryam also announced the successful delivery of the Ramazan package to over 3.5 million families, with remaining deliveries expected to conclude within a week.