KARACHI, June 18: The Sindh government on June 17 presented a deficit budget of Rs21.63 billion for the fiscal year 2013-14 with a total outlay of Rs617.21 billion. The provincial government has abstained from increasing the sales tax imposed in the federal budget and maintained it at the old rate of 16 percent. It also announced a raise in salaries of government employees. In general, the budget has imposed increased taxes on urban property and services.The provincial government has decided not to take any measure for enforcing agriculture tax, despite the clear indication by federal Finance Minister Ishaq Dar in the federal budget that the implementation of agriculture tax is within the ambit of the provincial governments. However, the Sindh government enhanced the property … [Read more...]
Budget in focus…Towards development
June 17: With a planned budgetary allocation of Rs540 billion for the Public Sector Development Programme (PSDP), the newly-elected government of Prime Minister Nawaz Sharif is all set to initiate the process of economic revival. However, economic revival is linked with the timely implementation of various measures and the provincial governments building synergies with the federal government’s development programmes. While many of us will scrutinise the budget and its implications from different angles, this write-up sees the budget from the perspective of targeting the marginalised segments of society and the promise that the budget holds to generate significant employment opportunities in the country. The elimination of power sector’s circular debt within 60 days would add over … [Read more...]
Sacked NCA teachers threaten protest, demand reinstatement
LAHORE, June 14: The teachers of National College of Arts (NCA), who have been terminated from services, have threatened to launch protest campaign against their illegal termination. Six teachers of NCA belonging to different departments of college hold a press conference at Lahore Press Club on June 13 and demanded extension into their contracts. The employees were not allowed to attend classes after their contracts were expired. NCA administration has not extended the contracts of six teachers including Assistant Professor at Department of Architecture Hafsa Imtiaz, Assistant Professor at Department of Film and Television Tausif Zainul Abedin, Assistant Professor at Department of Product Design Shahzad Manzur, lecturer at Department of Film and Television Abid Ahsan, lecturer at … [Read more...]
Self employment: Punjab set to launch new microfinance scheme
LAHORE, June 12th: The provincial government has allocated Rs19.636 billion for a micro-finance facility, which aims to provide interest-free loans to small entrepreneurs. For this purpose, the government plans to ask the Islamic Development Bank (IDB) for a Rs14.636 billion loan on 0.5 per cent interest rate under its country partnership strategy, an official requesting anonymity said. The remaining Rs5 billion would be obtained from the province’s kitty. This will be the biggest self-employment scheme launched by a provincial government yet. IDB’s loans are usually available at 2.5 per cent interest per year, with the option of repayment in 25 years. However, the Punjab government has requested the Economic Affairs Division (EAD) to ask for a concession on the mark up, the … [Read more...]
Smeda promises more jobs in KP
PESHAWAR, June 4: Small and Medium Enterprise Development Authority chief executive Sardar Ahmed Nawaz Sokaihra has said that small and medium enterprise sector would be strengthened in Khyber Pakhtunkhwa under the authority’s business development plan. Addressing members of Khyber Pakhtunkhwa Chamber of Commerce and Industry on June 3, he said that a set of special recommendations had been made part of the authority’s plan to promote energy, logistics, construction, light engineering, mineral development and tourism in Khyber Pakhtunkhwa, aiming to expand SME base in the province. Sharing details of Smeda’s five-year business plan, Mr Sokaihra said Smeda aimed at creating employment opportunities for 25 million people during the five-year plan, commencing this year. The … [Read more...]