Lahore: According to press reports, the Punjab government has allotted a 66 percent larger development budget for the fiscal year 2021-2022 (FY22) than the previous year to boost the economy and attain a GDP growth rate of 4.8 percent. Under the Annual Development Projects (ADP), 63 percent of the PKR 560 billion development budget is dedicated to the social sector and infrastructure development initiatives.
Furthermore, budget spending can be classified into four categories: sustainable growth, public-private partnerships (PPPs), human resource development and skills, and infrastructure development.
Social development has taken up the majority of investment, followed by health, education, and government development programs.
Similarly, 26 percent of the ADP is given to public development and infrastructure, which includes road maintenance, urban development, and irrigation system improvement.
Aside from that, foreign financial institutions such as the World Bank and Asia development banks will assist in land record management, the Naya Pakistan Housing Programme, infrastructure development, irrigation system development, and the enhancement of existing and new roads and highways projects.
Other international agencies would assist in the development of projects in Lahore and Faisalabad related to tourism development and wastewater control.
Furthermore, the budget document elaborates on the spending details, including objectives to improve the public and private service industries.