'Progressive' budget of Rs2.24 trillion for FY2020-21 presented by Punjab govt

LAHORE: The government of Punjab on Monday presented the provincial budget for financial year 2020-21 (FY2020-21), with an outlay of Rs2.2407 trillion — including Rs337 billion for development.

Addressing the Punjab Assembly, Finance Minister Makhdoom Hashim Jawan Bakht said the province would receive Rs1.433 trillion under the National Finance Commission (NFC) Award, while provincial revenue was estimated at Rs317 billion during FY2020-21.

Terming the provincial budget "progressive and pro-business" given the ongoing circumstances, including the coronavirus pandemic, the provincial finance minister added that the ongoing expenditure for the next year was estimated at Rs1.318 trillion, including Rs337.6 billion for salaries.

Sums worth Rs337 billion and Rs128.40 billion were allocated for development and capital expenditures, whereas Rs125 billion was the estimated surplus for Punjab.

The government of Punjab also reduced the service delivery expenditures by Rs10 billion and bumped up the local governments’ budget by Rs10 billion, Bakht said, adding that it was also proposed to save over Rs19 billion via pension reforms.