Punjab govt presents Rs 654.96b budget for fiscal year 2011-12

Punjab government presented a balanced budget of Rs 654.96 billion for fiscal year 2011-12 in the Punjab Assembly session started here on Friday.Giving break-up of the estimated General Revenue Receipts of Punjab government during next fiscal year, the Finance Minister Kamran Michael, in his budget speech, said that provincial government would receive a major share of its budget from the Federal Divisible Pool under National Finance Commission Award amounting to Rs 530.65 billion. The Punjab would earn an estimated revenues of Rs 88.51 billion from Provincial Tax and Rs 35.65 billion under the head of Provincial Non-Tax Revenue, he added.

The Finance Minister elaborated that total Non-Developmental Budget has been estimated at Rs 434.74 billion, while a total of Rs 220 billion, 34 percent of the total budget, has been allocated for development projects.

He said, the Health Sector would receive a total budget of Rs 48.80 billion with Rs 25.50 billion for non-development and Rs 23.30 billion for development purposes.

The Education Sector’s total budget is Rs 62 billion with Rs 27.10 billion for non-development and Rs 34.90 billion for development, he said, adding, a grant of Rs 3 billion has been earmarked for Danish School Project in the financial year 2011-12.

The Finance Minister said that Police Department would get Rs 52.80 billion, while a grant of Rs 4.50 billion has been allocated for Yellow Cab Scheme and Rs 2 billion for provision of laptops/computers to students.

He said, a total of Rs 1.55 billion has been collected under Chief Minister Relief Fund, which was spent on reconstruction of 89 villages and 22 Model Villages.

The Punjab government, he said, has saved Rs 6 billion through austerity measures and 800 posts in various departments have been abolished as well as merging six deparments and abolishing project allowance and imposing ban on purchase of new furniture and equipment.

About tax measures, Michael said that Entertainment Tax has been reduced from 65 percent to 20 percent; GST on Services reduced from 17 to 16 percent; increase in token tax of over 1000cc vehicles; Rs 60,000 water conservatory charges on swimming pools per annum; Education Cess on membership of elite clubs.