Punjab Finance Minister Hashim Jawan Bakhat Tuesday announced that the Punjab Annual Development Plan (ADP) for 2020-21 will be Rs 350 billion which will gradually increased in future years. Addressing a Pre-Budget Public Private Partnership Dialogue organized by Punjab Board of Investment and Trade (PBIT), he assured that the private sector issue of issuance of certification will also address in the next budget for which private sector will be given opportunity for work instead of establishment of authorities in Public sector.
The Punjab government will facilitate the private sector and single tax return form is ready which will be launched after resolving the matters in national tax form. The provincial government is committed to remove the obstacles for the private sector while tax and stamp duties were cut down for the construction sector already while 50 more taxes will be eradicate in the Budget 2020-21.
Hashim Jawan Bakhat informed that on the demand of Sailkot Chamber of Commerce and Industry, duties from imports for exporting sector were exempted. He mentioned that establishment of modern police stations were started in Punjab while on the demand on business and traders communities, these polices stations would be established in commercial centers on priority basis. Further, revival of ring road was also done while work on Southern loop was underway.
The minister asked the private sector to come up with their proposals before the budget and highlight their issues with the Public sector so that these issues would be addressed in the budget. Addressing on the occasion, Punjab Minister for Industry and Trade Mian Aslam Iqbal said that the Punjab government is going to launch a new start-up program of Rs 30 billion with the help of Bank of Punjab (BOP). He said the new businesses would be provided training and support while 20 percent share was allocated for women in the program. He said Rs 600 million worth research board was established for pharmaceutical industry which will be operational soon. Further, the textile industry issues would be resolved on priority basis.
He also said the government was considering subsidize or concessional tariff for the industry. He said out of box reforms were being introduced for industrial revival. Chairman TEVTA Salman Siddique informed the steps taken by the government for technical education and skill development. Chairman PBIT Jahnzab Burana informed he audience about the government initiatives for IT, pharmaceutical and textile industries development.