Syed Murad Ali Shah, Chief Minister of Sindh, presented a Rs. 2.2 trillion budget for fiscal year 2023-24 (FY24) in the Sindh Assembly on Saturday.
The budget, which has a deficit of Rs. 38 billion, aims to encourage entrepreneurship and provide tax relief to individuals and businesses while taxing the wealthy in order to produce more money.
“We have adopted a strategy of rationalising various tax bases in order to protect underprivileged segments of society from unnecessary financial burden,” stated the chief minister in his budget statement.
The provincial expenditure budget for fiscal year 2023-24 (FY24) is Rs. 2.248 trillion, which is 31% higher than the previous fiscal year’s budget of Rs. 1.714 trillion. The expected receipts are Rs. 2.209 trillion, with a deficit of Rs. 37.795 billion.
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The development spending estimate for FY24 has been set at Rs. 700.103 billion, which is much higher than the previous fiscal year’s projection of Rs. 459.657 billion. The district Annual Development Programme (ADP) receives Rs. 30 billion in development funding.
The province will contribute Rs. 380.5 billion to total development expenditure. Foreign Project Assistance (FPA) will contribute the second largest sum of Rs. 266.7 billion. District development funds will provide Rs. 30 billion, while federal grants will contribute Rs. 22.9 billion.
