The Punjab cabinet on Monday approved the provincial budget for the first four months of fiscal year 2023-24.

The cabinet, in a meeting held under the chairmanship of Punjab caretaker Chief Minister Mohsin Naqvi, approved a 30 per cent increase in salaries of government employees under the head of ad hoc relief.

Pensioners above 80 years will get a 20pc increase in their pensions.

A decision was made to withdraw all duties and taxes for the promotion of the business of Information Technology and education.

Separately, Rs70 billion was set aside for providing relief to people in four months.

The cabinet also rejected the recommendation to increase stamp duty up to 3pc. Approval was given to fix the ratio of stamp duty to 1pc for the promotion of the construction sector.

Approval was also given to allocate more than Rs47bn for the agriculture sector.

A decision was made to complete 50pc of ongoing development projects in the first four months of the new fiscal year.

Approval was also given to allocate Rs16bn to make the power plant functional which was closed in 2017.

Approval was also given to increase the budget for education and health by 31pc in four months.

The cabinet further approved the setting up of an Information Technology Park in Lahore Knowledge Park.

The cabinet also gave approval to set up an endowment fund with Rs1bn for journalists.

CM Naqvi said that no new tax was imposed in the Punjab budget.

He appreciated the Punjab chief secretary, Planning and Development Board chairman, Punjab finance secretary and the team for presenting a people-friendly budget.

Provincial ministers, advisers and secretaries of relevant departments attended the meeting.