Punjab to have Rs350 billion ADP for fiscal year 2020-21

LAHORE: Punjab Finance Minister Hashim Jawan Bakht Tuesday announced that Punjab Annual Development Plan (ADP) for 2020-21 will be Rs350 billion which will gradually increase in future years.

Addressing a pre-budget Public Private Partnership dialogue organised by Punjab Board of Investment and Trade (PBIT), he assured that the private sector issue of certification will also be addressed in the next budget for which private sector would be given opportunity for work instead of establishment of authorities in public sector.

The Punjab government will facilitate the private sector and single tax return form is ready which will be launched after resolving the matter in the national tax form. The provincial government is committed to remove the obstacles for the private sector while tax and stamp duties were cut down for the construction sector already while 50 more taxes will be eradicated in the Budget 2020-21.

Hashim Jawan Bakht informed that on the demand of Sialkot Chamber of Commerce and Industry, duties from imports for exporting sector were exempted. He mentioned that establishment of modern police stations was started in Punjab while on the demand of business community these police stations would be established in commercial centres on priority basis. Further, revival of Ring Road was also done while work on southern loop was underway.

The minister asked the private sector to come up with their proposals before the budget and highlight their issues with the public sector so that these issues would be addressed in the budget.

Addressing on the occasion, Punjab Minister for Industry and Trade Mian Aslam Iqbal said the Punjab government was going to launch a new start-up programme of Rs30 billion with the help of Bank of Punjab (BOP). He said that new businesses would be provided training and support while 20 percent share was allocated for women in the programme.

He said Rs600 million worth research board was established for pharmaceutical industry which would be operational soon. Further, the textile industry issues would be resolved on priority basis. He said the government was considering subsidised or concessional tariff for the industry. He said that out-of-box reforms were being introduced for industrial revival.

Tevta chairman Salman Siddique informed the steps taken by the government for technical education and skill development. PBIT chairman Jahanzaib Burana informed the audience about the government initiatives for IT, pharmaceutical and textile industries development.