Punjab Caretaker Government Presents 4-Month Budget for FY 2023-24
The Punjab caretaker government presented a 4-month budget for the fiscal year 2023-24 on Monday. The budget, which was presented by caretaker Chief Minister Mohsin Naqvi, has a total outlay of Rs 1719.3 billion.
Key Highlights of the Budget
- Salaries and pensions: The budget includes a 30% increase in salaries for government employees and a 5% increase in pensions. Pensioners above 80 years of age will receive a 20% increase in their pension.
- Education and health: The budget allocates Rs 195.1 billion for education and Rs 183.7 billion for health. This represents an increase of 31% in funding for both sectors.
- Development spending: The budget allocates Rs 325 billion for development spending. This will be used to complete 2500 projects that are currently underway in the province.
- No new taxes: The budget does not impose any new taxes.
Reactions to the Budget
The budget has been welcomed by government employees and the general public. However, some economists have expressed concern about the high level of spending, which they say could lead to inflation.
Overall, the Punjab caretaker government’s 4-month budget is a positive step. It provides much-needed relief to government employees and invests in education and health. However, it is important to monitor the impact of the budget on inflation and other economic indicators.