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Business Recorder
5 days ago
- Business
- Business Recorder
Budget FY2025-26: Punjab govt presents Rs5.3tn ‘tax-free' budget
Punjab Finance Minister Mujtaba Shuja-ur-Rehman on Monday presented the provincial budget for the financial year 2025-26 in the assembly session. A week after the federal government announced its budget, the provincial government proposed its Rs5.335 trillion budget for the upcoming fiscal year. As the provincial minister presented the budget, the opposition lawmakers of Pakistan Tehrik-e-Insaf (PTI) protested. He started the budget speech by mentioning the measures taken by the incumbent provincial government. 'I would like to congratulate the political and military leadership for safeguarding national interests during the recent tensions with India,' the minister said. 'We have completed 6,104 projects during the ongoing fiscal year,' he informed. He shared that the government is establishing the Nawaz Sharif Institute of Cancer Treatment and Research in Lahore at a cost of Rs72 billion. The provincial government allocated Rs1.24 trillion for development in FY26, an increase of 47% as compared to Rs842 billion allocated in FY25. 'This budget marks a strategic shift in Punjab's history,' said the minister. Budget FY2024-25: Punjab govt presents Rs5.4 trillion 'tax-free' budget Earlier, Business Recorder, citing its sources, informed that the upcoming provincial budget will be tax-free, and no new taxes will be introduced. Estimated at over Rs1,200 billion, the new fiscal plan is expected to feature a record-breaking development outlay, emphasising health, education, infrastructure, and tourism. As per the report, the new budget will include over 850 development schemes, and the key projects include the expansion of Nawaz Sharif Medical City in Lahore, where new hospitals will be constructed under a public-private partnership model. The government also plans to roll out extensive sanitation and clean drinking water initiatives throughout Punjab. Infrastructure development remains a central priority. More to follow
Time of India
6 days ago
- Time of India
Drugs, gutka worth 14.5L seized, three arrested
Nashik: The Nashik city police seized mephedrone (MD), banned gutka, and vehicles involved in smuggling in two separate actions, with the total seizure valued at Rs14.5 lakh. In the first case, the crime branch unit arrested two persons for allegedly carrying MD for sale. Acting on a tip-off received by Assistant Sub-Inspector Gulab Sonar, the police laid a trap in the Manur area on the Nashik–Chhatrapati Sambhajinagar Road. Senior Inspector Sushila Kolhe of the Anti-Narcotics Squad was also part of the operation. "The police intercepted an autorickshaw in which Sumit Ashok Dhayinje (27, resident of Lokhande Mala, Hanumantnagar, Upnagar) and Shakir Hasan Sayyed (32, resident of Wadalagaon) were travelling. We found 4.5 grams of MD worth Rs22,500 from Dhayinje's possession and another 4 grams worth Rs20,000 in possession of Sayyed," said the police. A total of 8.5 grams of MD worth Rs45,000, along with the autorickshaw and a mobile phone, collectively valued at Rs2.1 lakh, were seized. A complaint was registered at the Adgaon police station. In a separate action, police from crime branch unit intercepted a pickup vehicle on Peth Road and seized banned scented tobacco (gutka) worth Rs5.4 lakh. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 motivi per rottamare ora la caldaia per una pompa di calore Aira Scopri di più Undo The vehicle, coming from Gujarat via Tavali Phata, was suspected of transporting the contraband for illegal sale in Nashik. "Muktar Shaikh from Crime Branch Unit One received information that pan masala and gutka were being transported through Peth Road. Accordingly, the team laid a trap," the police said. During inspection, police found gutka worth Rs5.4 lakh being transported from Saputara in Gujarat. A pickup vehicle worth Rs7 lakh was also seized, bringing the total value of seized goods to Rs12.4 lakh.
Express Tribune
26-03-2025
- Business
- Express Tribune
Kharif set to begin with 43% water shortage
A subsidy for the Rabi package amounting to Rs5.4 billion was already approved and a subsidy of Rs10.22 billion on fertilisers was proposed for the Kharif season 2021. PHOTO: REUTERS The Indus River System Authority (Irsa) on Wednesday projected 43% water shortage for April, as it recorded less than normal inflows into the rim-station rivers, following a 31% less snowfall in the catchment areas of Indus and Jhelum this winter. The Irsa Advisory Committee (IAC) met on Wednesday to discuss the water availability situation for the Kharif 2025 season. However, because of unclear climactical parameters and weather outlook for the summer, it approved water availability for the month of April only, with 43% system shortfall. The IAC meeting was held, with Irsa Chairman and Member Khyber-Pakhtunkhwa (K-P) Sahibzada Muhammad Shabir in the chair. According to a handout issued after the meeting, the IAC would meet again in the first week of May 2025 to review the water availability. The meeting was expected to approve the anticipated water availability criteria for the whole of Kharif season (April 1-Sepember 30). It also reviewed the Rabi 2024-25 (October 1-March 31) system operations and showed satisfaction with the season's close at 18% shortage against an anticipated 16%. The meeting was attended by all IRSA members, relevant engineers, secretaries concerned, senior officials of the provincial irrigation departments, senior technical advisers of the Water and Power Development Authority (Wapda), and others. During the meeting, the Pakistan Meteorological Department (PMD) highlighted that according to the local and global climate models for the months of April, May and June, below normal rainfall and above normal temperatures especially across northern and southern tips of the country were forecast. The PMD further noted that winter snowfall in the catchments of Indus and Jhelum was recorded at 26.8 inches against the normal of 49.7 inches, ie, 31% less while the inflows into the rim-station rivers would also be less than normal. After detailed discussion, the IAC approved the water availability only for the month of April 2025 with 43% system shortfall, the handout stated. The water situation will be reviewed again in the first week of May 2025, it added. Separately, PMD Chief Meteorologist Muhammad Afzal said that the country was facing an unusual weather pattern, leading to severe drought conditions, warning that an alarming decline in winter rainfall pushed dams and water reservoirs to dead levels. Speaking at a press conference, Afzal said that winter rainfall was 42% below normal, with Sindh receiving 63% less rain, Balochistan 53%, and Punjab 41%. He added that falling water levels in dams and other reservoirs raised concerns over water availability for agriculture and domestic use. Afzal cautioned that below-normal rainfall was expected in the northern regions, exacerbating the water crisis. The shortage could lead to crop failures, spread of diseases, and a negative impact on wildlife. He urged the public to use water wisely to mitigate the crisis. "Pakistan is expected to face significant temperature increases in the coming months, with forecasts indicating that temperatures may rise by 3 to 5 degrees Celsius above normal levels. This will increase the likelihood of heatwaves, especially in the southern half of the country," he said. (WITH INPUTS FROM APP)
Express Tribune
03-03-2025
- Business
- Express Tribune
Province sees 200% surge in mineral royalties
Pakistan has already chalked out a $1.9 billion funding plan to execute the Reko Diq copper and gold mining project. Total project funding has been estimated at $4.297 billion. photo: file Khyber-Pakhtunkhwa has recorded a 200 per cent increase in royalty on minerals this fiscal year. This was revealed during a meeting chaired by Chief Secretary, Shahab Ali Shah on Finance Department's performance on Monday. The session, attended by Secretary Finance and senior officials, focused on budget planning, fund allocations, and expenditure across key sectors. During the meeting, officials briefed the Chief Secretary on allocations and spending for key projects and flagship initiatives. Discussions also covered salary and pension projections, as well as the overall fiscal outlook. Emphasizing the need for early preparations for the upcoming budget, the Chief Secretary directed all secretaries to closely analyze financial requirements in their respective sectors. A roadmap for governance and fiscal management reforms was also presented, underscoring the importance of transparency, digitization, and process automation. It was revealed that a two-year rotation policy would be enforced to enhance transparency in financial matters. Officials highlighted several significant financial milestones, including implementation of over 50 revenue measures in the finance bill, leading to Rs14 billion revenue increasea 50 per cent rise compared to the previous year. Similarly, 90.7 per cent of revenue targets achieved in the first half of FY25, significantly surpassing last year's 66 per cent performance. A 200 per cent increase in royalty on minerals, with expectations of further doubling. By the same token, Rs100 billion revenue has been projected from province own-source. The meeting was informed that a 35 per cent increase in released development funds has been recorded compared to the previous year. Similarly, Rs5.4 billion was generated in royalties from mines and minerals.
