News Column

Highlights of Punjab Budget 2014-15

June 14, 2014

Following are the highlights of the Punjab Budget for financial year 2014-15 speech presented by Provincial Finance Minister Mian Mujtaba Shuja-ur-Rehman in the Punjab Assembly here Friday afternoon:

The GDP growth rate will gradually be increased from current 4.8 percent to 8 percent in next four years, and next year GDP target is 5.5 percent Four million jobs will be created in next four years, which would pull around seven million individuals out of poverty Two million youths (male and female) will be imparted technical training in next four years and Rs 6 billion has been allocated in the next budget for the purpose Welfare and developmental projects worth Rs 263 billion launched or being launched in Southern Punjab. 36 percent (Rs 119 billion) of the total developmental budget allocated for Southern Punjab in the fiscal year 2014-15 The PML-N government keeping the energy sector on top priority to end load-shedding has initiated 19 energy projects during last one year. All resources including hydel, thermal, wind, solar, bio-mass and bio-gas are being utilized for electricity generation.

Rs 17 billion for 1000MW Quaid-i-Azam Solar Park being established in Bahawalpur that would add 100MW electricity into the system by this year end.

1620 MW coal-fired power plants being installed in Sahiwal and Faisalabad with the collaboration of Chinese investors

Rs 2.5 billion for electricity conservation awareness programme Total allocation of Rs 31 billion for energy sector 600 million tonnes of iron and chromites reserves found in Chiniot district and government tasked a consortium of three world renowned companies to estimate the total worth of the reserves. The

18-month project will cost Rs 1.47 billion

Another project of Rs 130.80 million launched to benefit from iron reserves at Kala Bagh and this project will be completed by next month

Proposal for 16 percent increase in the Police Budget from Rs 70.51 billion to Rs 81.68 billion to effectively cope with terrorism and other crimes Punjab government introduced Command and Control System to keep an effective surveillance on terrorists and anti-state elements.

Rs 5 billion grant has been set aside to allocated for additional needs to maintain law and order, besides establishing a modern force of 1500 personnel Rs 150.9 million for opening up Forensic Lab offices at divisional headquarters Rescue 1122 service will be extended to 12 more tehsils of the province in the next financial year Total of Rs 273 billion for education sector and Rs 48.31 billion for developmental projects in education sector. Rs 11 billion for Punjab Education Endowment Fund; Rs 2 billion for Danish Schools; Rs 7.50 billion for Punjab Education Foundation Total of Rs 121.80 billion for Health sector. Rs 47.44 billion allocated for cure facilities in hospitals, Rs 4 billion for Health Insurance Cards, Rs 1.80 billion for mother/child health projects, Rs 360.44 million for ambulances for heart patients in district and tehsil hospitals, Rs 8.15 billion for teaching hospitals, Rs 1 billion for Mobile Health Units and Rs 2 billion under Millennium Development Goals (MDGs) Under the Public Health sector Rs 17.11 billion for drainage and drinking water schemes. Rs 5 billion for provision of safe drinking water projects Rs 1.50 billion for population welfare Rs 14.97 billion for agriculture development and farmers' welfare. Rs 5 billion subsidy in fertilizers' prices Rs 4.67 billion for Punjab Irrigated Agricultural Productivity Improvement Project Rs 1.62 billion for increase in export of fruit and vegetable and Rs 240 million for the project of Supply Chain Improvement of Selected Agricultural and Livestock Products Rs 1.87 billion for conversion of 20 agri tube-wells from electricity/diesel to bio-gas that will ensure Rs 4 billion saving under the fuel charges

*Punjab government allocated Rs 50.80 billion with Rs 35.57 billion for developmental projects under the irrigation sector. Rs 6.72 billion for Khanki Barrage, Rs 1.75 billion for Sulemanki Barrage, Rs 5.66 billion for Lower Bari Do Aaba Canal, Rs 500 million for Sidhnai Melsi Bahawal Link Canal and Melsi Syfon, Rs 2.10 billion for Lower Chenab and sub canals, Rs 2 billion for small dams, Rs 1.16 billion for protection from Rodhkohi in D.G.Khan

Rs 8.93 billion for Livestock sector under which Rs 2.16 billion for jobs to women and Rs 200 million for provision of cattle to farmers, Rs 4.36 billion for a project to improve livestock markets in Mianwali, Bhakkar, Layya and Khushat districts and Rs 1.28 billion for Veterinary University project in Bahawalpur Rs 39.56 billion for communication and infrastructure sector under which 190 out of 276 projects will be implemented The under construction Rs 41.40 billionRawalpindi-Islamabad Metro Bus Project will be completed in next fiscal year. The Multan Metro Bus Project of Rs 30 billion has been announced and similar project will also be launched in Faisalabad in the next phase. The Punjab government in collaboration with Chinese investors will also complete the 27.1Km long Metro Train (Orange Line) Project in 27 months 20,000 houses will be constructed for labourers and four new Ashiyana Schemes will be initiated during financial year 2014-15

Rs 500 million for Punjab Green Fund besides introducing Environmental Profile Management System. Rs 2.56 billion for development of forests, fisheries and wildlife Rs 2 billion for Khud Rozgar Scheme for youth Land for Quaid-i-Azam Garments Zone has been acquired with a cost of Rs 3 billion and the Zone would help create 35,000 new jobs Punjab Overseas Pakistanis Commission has been established to resolve their problems Minimum wages for labourer has been set at Rs 12,000 Rs 5 billion project for elimination of Child and Bonded Labour is being started and in the next fiscal year a grant of Rs 320 million will be allocated for the purpose Rs 5 billion subsidy for low-income class during holy month of Ramazan Rs 4.14 billion for Computerized Land Record Project. Under this project, Service Centres have been set up in 114 tehsil and data entry process has been completed in 28 districts of the province. The project would create 13,000 new employment opportunities Rs 1.86 billion for women development to bring them in the main stream for national development. 800,000 women of the province will be turned into a skilled force in next four years under the Skill Development Scheme.

Rs 500 million for Child Protection and Welfare

Rs 500 million for uplift of minority communities

Rs 25 billion for provision of 50,000 yellow cabs under Yellow Cab Scheme

Rs 15 billion additional revenue will be received through bringing improvements in the tax collection system as well as discouraging tax evaders and encouraging the taxpayers.

*10 percent increase in salary and pension of government servants and 100 percent increase in the compensation amount for the public sector employee, who dies during his/her official duty


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Balochistan Times (Pakistan)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters