Punjab Government Prioritizes Economic Growth, Industrialization in Upcoming Fiscal Year: Mujtaba

By Farzana Chaudhry | Lahore, Pakistan
LAHORE: Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman has said that stimulating economic activity, promoting industrialization, and creating employment opportunities are among the Punjab Government’s foremost priorities for the upcoming fiscal year. He announced that a special package would be introduced for the textile and sports industries, while major reforms would also be undertaken in the agriculture sector to strengthen the provincial economy.
The minister made these remarks during a meeting with a delegation of the Institute of Chartered Accountants of Pakistan (ICAP). Discussions focused on Punjab’s economic policy, taxation system, prospects for increasing revenue generation, and proposals for the Provincial Budget 2026-27.
Mujtaba Shuja-ur-Rehman observed that ongoing tensions in the Middle East have negatively affected both regional and global economies. He noted that preparing a balanced and people-centric budget under the prevailing circumstances presents a significant challenge. However, he reaffirmed the Punjab Government’s commitment to presenting a budget that balances development needs with fiscal discipline while taking economic realities into account.
The finance minister said the government is gradually improving the tax system to enhance the province’s own-source revenues. He described the performance of the Punjab Revenue Authority as satisfactory and said further strengthening the institution’s capacity would improve revenue collection.
He announced that PRA’s own software system would be introduced to address issues such as input adjustment, promoting greater transparency, efficiency, and ease within the tax regime.
Mujtaba Shuja-ur-Rehman emphasized that the professional expertise and support of ICAP would help expand and strengthen the operational capacity of the Punjab Revenue Authority. He further announced that ICAP would be given representation in the upcoming Resource Mobilization Committee to enable the government to benefit from the institution’s professional expertise in revenue enhancement and fiscal reforms.
The minister said that the proposals submitted by ICAP for the Provincial Budget 2026-27 would be thoroughly reviewed and that all practical recommendations would be considered for incorporation into the provincial budget and tax policy framework.
During the meeting, the ICAP delegation presented recommendations regarding the provincial budget, revenue administration, tax reforms, and measures aimed at promoting economic activity. The delegation appreciated the Punjab Government’s fiscal management and reform initiatives and reaffirmed its commitment to continuing cooperation with the Government of Punjab by providing professional support in the policymaking process.