Rs 730 billion set aside for development in 2011-12

[Lahore_Real_Estate]

ISLAMABAD: The federal government, on Friday, announced a total development budget of Rs 730 billion for the fiscal year 2011-12 against last financial year’s Rs 663 billion, showing a 10 percent increase. Of the total Public Sector Development Programme (PSDP), a sum of Rs 290 billion has been allocated for uplift projects of the federal government, Rs 430 billion for the provinces through their Annual Development Programmes (ADPs) and Rs 10 billion for the Earthquake Reconstruction and Rehabilitation Authority (ERRA). The overall size of the PSDP for 2010-11 stands at Rs 730 billion. However, this development outlay would be subject to budgetary announcements in the Finance Bill 2011-12, which is to be approved by parliament. The government is hopeful that the massive PSDP 2011-12 would boost the momentum of economic recovery. As per the annual development plan, the GDP growth target for the year 2011-12 has been fixed at 4.2 percent. Distribution of the Rs 290 billion federal component of the PSDP among different ministries/divisions/organisations would be as follows: Rs 36.136 billion for the Water and Power Division (Water Sector), Rs 22 billion for the Pakistan Atomic Energy Commission, Rs 10.37 billion for the Finance Division, Rs 15 billion for the Railways Division, Rs 31.197 billion for the Planning and Development Division, Rs 14 billion for the Higher Education Commission (HEC), Rs 2.137 billion for the Industries and Production Division and Rs 5.8 billion for the Interior Division. Allocation for other sectors would be: Rs 3.845 billion for the Defence Division, Rs 1.396 billion for the Housing and Works Division, Rs 2.692 billion for the Cabinet Division, Rs 1.146 billion for the Science and Technological Research Division, Rs 1.2 billion for the Law and Justice Division, Rs 1.97 billion for the Revenue Division, Rs 149.7 million for the Petroleum and Natural Resources Division, Rs 793.1 million for the Information Technology and Telecom Division, Rs 1.454 billion for the Defence Production Division, Rs 424.6 million for the Commerce Division, Rs 172 million for the Communication Division (other than NHA)