Budget 2023-24: Rs1,150b allocated for federal PSDP

The allocation worth Rs1,150 billion was made for the federal Public Sector Development Programme (PSDP), which is the highest ever in terms of its size.

The PSDP has mainly been aligned with the development framework of five Es i.e exports, equity, empowerment, environment, and energy as well as reconstruction and rehabilitation of flood-affected areas to regain the momentum of economic growth, Radio Pakistan reported.

The major chunk of PSDP 2023-24 has been earmarked for infrastructure projects of energy, railways, motorways and highways, aviation, and ports. Equal importance has been given to social sectors, particularly, higher education, health, governance, and climate change. Fifty-two per cent of the PSDP has been allocated for the provision of the latest infrastructure to attract Foreign Direct Investment.

READ: Ishaq Dar unveils federal budget for FY 2023-24 with total outlay of 14.5tr

To achieve self-sufficiency in food and water resources, substantial funds have been reserved for agriculture-related projects.

The Finance Minister said the projects being carried out under China-Pakistan-Economic-Corridor are being restored while completion and monitoring of Special Economic Zones have also been ensured.

To ensure balanced regional development, uplift schemes have been made through the federal PSDP for next financial year. In addition, special development initiative for backward and poor districts of the country will be launched to meet the Sustainable Development Goals. 244 billion rupees have been allocated for the development of the social sector under which 82 billion rupees have been allocated for higher education and twenty-six billion rupees for health.

READ: Budget 2023-24: Major announcements for salaries, EOBI pensions, CDNS

108 billion rupees have been proposed for balanced development of different areas of the country under which 57 billion rupees have been earmarked for Merged Tribal Districts of Khyber Pakhtunkhwa. 32.5 billion rupees for AJK and 28.5 billion for Gilgit Baltistan.

Besides, focus on continuing projects, new important initiatives have been budgeted under the PSDP, which mainly include solar tube-wells, youth programme for small loans, Pakistan Fund for Education, support for IT startups and venture capital, women empowerment, laptop scheme, Green Revolution 2.0, youth skill development, establishment of institutes for sports and hepatitis-C programme.

from Latest Pakistan News and Breaking News from All over Pakistan https://ift.tt/EjkvMaR