Punjab govt has planned effective strategy for preparation of budget: minister

Lahore

The Punjab government has planned an effective strategy for the preparation of budget. For this purpose, institutions of policy planning, revenue and legislators will work together.

Budget helps take solid steps. The Federal Board of Revenue and the provincial tax department should come forward for taxation.

These views were expressed by the speakers at a seminar on “Revenue Optimisation and Expenditures Preferences” jointly organised by Punjab Economic Research Institute, Planning and Development Department, government of Punjab and Mir Khalil-ur-Rahman Memorial Society (Jang Group of Newspapers).

Provincial Minister for Finance Dr Ayesha Ghaus Pasha, Khalid Sultan, member education, Planning and Development Department, NUST professor of economics Dr Athar Maqsood Ahmed, LCCI Director Research Dr Nadia Tahir, LCCI Senior Vice-President Amjid Ali Jawa, Kissan Boar Senior Vice-President Sarfraz Ahmad participated in the seminar.

The provincial minister for finance said that all stakeholders, including consultants and industrialists, had been working on budget. “Our purpose is to see Pakistan powerful. We are going in the right direction. We are taking good steps for it. We are ready to face any kind of challenges,” she said. The Punjab government wants to provide facilities to people. “Moreover, we have to increase growth rate,” She said.

According to her, the Punjab government is paying special heed to the widening of tax net.

Dr Mumtaz Anawar Chaudhary said the Punjab government had started many projects like safe city, Saaf Paani, construction of roads, etc.

Dr Amjid Ali Jawa said Pakistani industry shared 76 percent of tax revenue, services contributed 22 percent while agriculture contributed two percent. Tax on goods has been increased to 17 percent, he added.

Sarfraz Ahmad said 75 percent of population of Pakistan lived in the rural areas. Agriculture contributed 21 percent of the GDP. Agriculture has not been priority of any government since the creation of Pakistan, he said. Majority of the farmers are using traditional methods of farming. Improvement was observed last year with the Kissan Package, he said.

Dr Nadia Tahir said the development expenditures had increased. Dr Athar Maqsood said tax growth rate was less in Pakistan. Governance is a major problem, it should be addressed, he added. Fiscal deficit has increased to 1.5 percent. According to him, the next four years will not be good for economy.

Khalid Sultan said said private sectors would have to come forward and make investment.

Health, education and current affairs senior editor of daily Jang Wasif Nagi said budget was a necessary subject for everyone. He said a balanced budget played an important role in the prosperity of a nation. People heave a sigh of relief if a people-friendly budget is presented, he concluded.