Next FY To Be Year Of Economic Growth: Hashim Bakht


Next FY to be year of economic growth: Hashim Bakht

LAHORE, (UrduPoint / Pakistan Point News - 17th May, 2021 ) :Punjab Finance Minister Makhdoom Hashim Jawan Bakht said on Monday that the next financial year would be the year of economic growth while special development packages would be given to the backward districts to balance the development process in the province.

He said that the investment in local bodies, roads, public health and irrigation system would be made to ensure economic growth. Provision of infrastructure, technical and vocational training for the promotion of industrialization would also be ensured, he added.

The minister expressed these views during a briefing with the Finance department regarding the preparation of the budget for the next financial year. He said that modern research and expansion in the agricultural sector would be part of the top priorities of the next budget. Significant increase in the development budget would be ensured to achieve economic growth. He instructed ensuring the preparation of joint database to increase the personal resources of the province, uniformity in tax rates and implementation of fully automated system for revenue collection.

The provincial minister informed the meeting that in view of the current situation in Covid-19, Punjab government was reviewing the tax relief given in the current financial year for revival of business in the next financial year. However, the governments would emphasis on expanding the tax net to increase resources. Further, the tax collected from the agricultural sector would be used for the development of the sector. The Punjab government would ensure the provision of special funds for industrial development, he said. The government was also investing in a scheme to provide affordable housing to low-income citizens, he said and and added that universal health insurance and school upgrades in the education and health sectors had been approved.

Further, he said, the salaries and pensions would be increased. The savings made in terms of austerity and cost control would lead to an increase in development funds. The development budget for the next financial year would be the largest development budget of the present government so far, he added.