LAHORE, Jun 14 (APP):Punjab Finance Minister Makhdoom Hashim Jawan Bakht presented the annual Punjab budget for financial year (FY) 2021-22 with total outlay of Rs 2,653 billion, which is 18 per cent higher than the current FY outlay of Rs 2240.7b in the Punjab Assembly, here on Monday.
In its third annual budget, the Pakistan Tehreek-e-Insaf led coalition government allocated a hefty amount of Rs 560 billion under the Annual Development Programme (ADP), showing a record increase of 66 per cent. The ADP has been worked out with special focus on south Punjab and uniformed development process across the province.
It is to mention here that Rs 337 billion had been earmarked for development during the current fiscal year.
Giving break-up of the budgetary allocations in his speech, the finance minister said that the federal government had set tax revenue collection target of Rs 5,829 billion for next fiscal year and, under the National Finance Commission (NFC) Award, Punjab would receive Rs 1,684 billion.
That amount is 18 per cent more than the current fiscal year’s Rs 1,433 billion, while provincial receipts (own resource revenue) are estimated at Rs 405 billion for FY 2021-22; 28 per cent higher than Rs 317 billion of FY 2020-21.
Terming the provincial budget progressive and pro-business in the given circumstances, Hashim Jawan Bakht added that ongoing expenditure for the next FY had been estimated at Rs 1,428 billion.