Just like you, I was also disappointed from the federal budget. The national finance bill lacks any out of box measures for the national economic growth. The incumbent finance minister relied on heavy taxation on those who are already paying taxes. Moreover, taxes on paper have been increased, which means the production cost of newspapers would go up.
Despite federal budget shocks, I was optimistic about Chief Minister Maryam Nawaz’s maiden budget. I hoped that just her father, Mian Nawaz Sharif, Ms Maryam Nawaz would come up with a unique budget for the welfare of the common man.
Her government presented a tax-free budget for the fiscal year 2024-25, with a total outlay of Rs5.44 trillion. Here, the term ‘tax-free’ is misleading: it doesn’t mean that the budget has no tax at all; it implies that no new tax has been launched in the new fiscal year.
This is not a good approach, by the way. There are several service sectors, which do not come under the ambit of taxes. The government should go aggressively after such tax thieves.
The Mayram Nawaz’s budget has come up with a set of measures to provide relief to the people of Punjab. The budget is about providing welfare through public service projects and increased salaries and pensions for government employees.
The opposition has criticised the budget, calling it a political move to absolve the government of its economic responsibilities. I was expecting better from the opposition but it could not go further from political point scoring. So sad!
There is a 25 percent increase in salaries for public department employees in grades one to 16 and a 20 per cent increase for employees in grades 17 to 22. Though the increase may not bring about a visible change to salaried class’ lives, something is better than nothing. The government has proposed a 15 percent increase in pensions and the minimum wage for labourers at Rs37,000. I believe that pensions should have been raised by 25 percent. I know so many elderly people, whose subsistence is all on their pensions.
These are the landmark welfare projects of the government: an eco-friendly bus service in five major cities, a Chief Minister Himat Card Programme for the disabled, and a Transgender Skill Programme.
Education, health and public welfare programmes have consumed a major chunk of the allocations. Maryam Nawaz government has allocated Rs842 billion for development schemes, with a focus on education, health, and infrastructure projects. The government has relied on its own resources, without imposing any new taxes on the people. The revenue of the province includes Rs3,683 billion received from the National Finance Commission award, with an increase in court and stamp duty.
Maryam Nawaz has rightly said that no burden has been placed on the public in the form of any new tax, and that the government aims to increase the financial pocket of Punjab. However, the opposition has criticized the budget, saying that it is a political move to shift the burden of the federal budget’s economic difficulties to the people of Punjab. Opposition Leader in the Punjab Assembly Malik Ahmed Bhachar said that the federal budget has created economic difficulties for the people, and the provincial budget has failed to address these issues. He has accused the government of taking the people to the grave.
The budget has also announced several projects to address the deprivations of South Punjab, including the construction of primary health centers and roads, and the provision of environmentally friendly buses. The Safe City Program and the Women’s East Transport Project are also part of the development projects of South Punjab.
The employees and laborers of Punjab have welcomed the increase in salaries and pensions, but have expressed concerns about the rising prices of food items. The women assembly members of the League have described the provincial budget as very balanced and humanitarian.
