Punjab cabinet special meeting approves budget proposals

Punjab cabinet in a special meeting presided over by Chief Minister, Mian Shahbaz Sharif has approved the provincial budget for 2008-09.
Sources said that the Punjab budget of about Rs400 billion was likely to be presented today. Rs196 billion was expected from the federation, while the revenue target was likely to be fixed at Rs100 billion. In line with the federation, 20 percent increase in the salaries of the employees would also be announced, while the Punjab government has decided to retain the exemption from tax on houses up to 5 marla. Punjab’s development budget expected to be increased to Rs160 billion as against previous year’s Rs150 billion. The total volume of the Punjab budget allocations for the fiscal year 2008-09 amount to Rs389.895. Punjab would be receiving Rs284 billion under National Finance Award, Rs4.93 billion on account of direct transfer from the federal government, Rs23.34 billion on account of different grants from the federal government, Rs40.36 billion from provincial taxes and from other sources Rs36.14 billion would be received. Punjab government has proposed in the budget allocation of Rs145 billion for education and health besides increasing the excise duty on cars above 1600cc, while a separate fund of Rs500 billion has been kept for teachers’ bonus. On the other hand, opposition boycotting the budget session in Punjab Assmbly, staged an opposition chamber outside the Assembly, where opposition members are gathering around.