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Business Recorder
13 hours ago
- Business
- Business Recorder
Rs818.79bn supplementary, excess demands for grants okayed by NA
ISLAMABAD: Despite fierce opposition heckling, the National Assembly on Friday approved supplementary and excess demands for grants totalling Rs818.79 billion for the financial years 2023-24 and 2024-25, greenlighting additional spending across federal ministries and divisions. The breakdown reveals Rs398.93 billion in supplementary grants approved for 2023-24, Rs389.86 billion for 2024-25, along with excess demands for grants of Rs30 billion for 2023-24. The documents tabled before the House included the Schedule of Authorized Expenditure for the fiscal year 2025-26, the Schedule of Supplementary Authorized Expenditure for the fiscal years 2023-24 and 2024-25, and the Schedule of Excess Authorized Expenditure for 2023-24. Govt to present Rs203.34bn supplementary, excess grants in NA today Minister for Finance and Revenue Muhammad Aurangzeb laid key budgetary documents before the House in accordance with Article 83 of the Constitution of Pakistan. Aurangzeb expressed heartfelt gratitude to members of both the government and opposition for their active participation and valuable input in the federal budget process for the fiscal year 2025-26. Addressing the National Assembly after the passage of budget, the finance minister said there was no doubt that contributions, and constructive feedback from both sides of the aisle had played a vital role in the successful completion of the budget process. He appreciated members of the treasury as well as the opposition for openly expressing their views during the debate, describing it as a hallmark of democratic culture. He especially thanked the speaker of the National Assembly for allowing the opposition full opportunity to share their opinions, thereby, lending greater legitimacy to the parliamentary proceedings. Senator Aurangzeb also acknowledged the efforts of parliamentary staff, officers, and other government employees who worked diligently throughout the session. He lauded the secretaries and additional secretaries of both the National Assembly and Senate, commending their dedication and professionalism. The minister made special mention of the legislative team that worked tirelessly, often through the night, to ensure error-free documentation of the budget. He also recognised the contribution of the Law and Justice Division headed by Senator AzamNazeerTarar. Further appreciation was extended to the teams of the Pakistan Institute for Parliamentary Services (PIPS), both in the opposition lobby and the National Assembly library, for their constant support and timely assistance during the budget session. In recognition of the relentless efforts of officers and employees of the National Assembly, Senate, and various government departments, the minister announced a special honorarium equivalent to five basic salaries. He also extended gratitude to the Chairman of the Senate Standing Committee on Finance. The grants approved by the House included, Airports Security Force, emergency relief and repatriation, Intelligence Bureau, atomic energy, Pakistan Nuclear Regulatory Authority, Communications Division, Defence Division, federal government educational institutions in cantonments and garrisons, Defence Production Division, Economic Affairs Division, miscellaneous expenditure of Economic Affairs Division, Power Division, Higher Education Commission, superannuation allowances and pensions, grants, subsidies and miscellaneous expenditure, Housing and Works Division, Information and Broadcasting Division, Information Technology and Telecommunication Division, Interior Division, Islamabad Capital Territory, combined civil armed forces, Law and Justice Division, National Accountability Bureau, National Food Security and Research Division, National Health Services, Regulations and Coordination Division, Railways Division, Water Resources Division, federal miscellaneous investments and other loans and advances, development expenditure of ERRA, development expenditure of Suparco, development expenditure of Power Division, development expenditure of Finance Division, development expenditure of Interior Division, development expenditure of Water Resources Division, capital outlay on Maritime Affairs Division, Climate Change and Environmental Coordination Division, Pakistan Post Office Department, defence services, Power Division, Federal Education and Professional Training Division, grants, subsidies and miscellaneous expenditure, Federal Board of Revenue, Foreign Affairs Division, National Commission for Human Rights, National Commission on the Status of Women, Industries and Production Division, Information and Broadcasting Division, Interior Division, combined civil armed forces, National Accountability Bureau, National Food Security and Research Division, National Health Services, Regulations and Coordination Division, development expenditure of Board of Investment, development expenditure of Special Investment Facilitation Council Division, development expenditure of Defence Division, development expenditure of Power Division, development expenditure of Finance Division, development expenditure of Inter Provincial Coordination Division and capital outlay on Civil Works. Copyright Business Recorder, 2025
Time of India
18 hours ago
- Business
- Time of India
MP gets over Rs 30k crore investment proposals at RISE conclave in Ratlam
Indore: The Madhya Pradesh govt has received investment proposals worth Rs30,402 crore at Ratlam RISE Conclave, which would help generate 35,520 jobs, chief minister Mohan Yadav said on Friday. Yadav was speaking at the 8th Regional Industry, Skill and Employment (RISE) Conclave at Nehru Stadium in Ratlam. He said Madhya Pradesh, along with the rest of the country, is undergoing transformation. Innovations are occurring across all development sectors, creating a favourable investment climate. "Ratlam, once known for apples, sarees, and gold, will now be recognised for skills, scale, and startups," Yadav said, adding that Ratlam has a proud history and its central location in the country makes it special. "Air cargo services will soon be available for goods transportation and discussions with Maharashtra govt are underway to facilitate port services for Madhya Pradesh traders," he said. The govt is making every effort to provide employment to youth, the CM said announcing plans to attract investment from wherever possible and to conduct a roadshow in Surat on June 29 to encourage investors. The chief minister announced that a satellite township would soon come up in Ratlam to accommodate devotees attending Simhastha 2028 in Ujjain, facilitating their stay and gradual movement into the month-long religious congregation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Se você sofre com dores no joelho, leia isso antes que seja apagado Receita Anti-Dores Undo Besides, a textile park sponsored by the Centre will soon come up in Dhar district. Yadav announced plans to promote green energy for environmental protection, with existing MSME units investing separately in renewable plants receiving industrial development grant assistance. During the conclave, an MoU was exchanged between the MSME department and Walmart, enhancing market connectivity for small entrepreneurs. Yadav released publications including, 'Successful Entrepreneur-Prosperous State' booklet by the MSME department, 'ITI and Industry Connect'magazine by the skill development department, and 'Youth Sangam' brochure. He performed bhoomi pujan and launched 47 industrial units valued at over Rs1,670 crore with a single click. These projects are expected to create more than 3,780 new jobs, reinforcing the govt's focus on employment-led development. The event also featured virtual inauguration of new industrial areas in Rewa, Sagar, Alirajpur, and Pithampur. The event, themed 'Successful Entrepreneurs, Prosperous Industries, Inclusive Growth', attracted over 3,500 industrialists and investors from across India. More than 5000 participants registered on the Invest MP portal.
Time of India
21 hours ago
- Business
- Time of India
Post election, Trichy corpn begins work to form street vending panel
Trichy: Following the election of six representatives of street vendors to the street vending committee, Trichy corporation has now launched the work to form the committee by nominating and appointing remaining members. The local body is identifying three representatives from non-governmental organisations (NGO) and residents welfare associations (RWA) to form the 15-member committee. As per Tamil Nadu Street Vendors (protection of livelihood and regulation of street vending) Scheme 2015, a committee must be formed with Trichy corporation commissioner as the chairman. The committee will earmark permitted and prohibited zones to streamline the business of street vendors on arterial roads. "We will complete nominations in a week; three members from NGOs and RWAs will be nominated while remaining six members will be officials from govt departments. Administrative work is underway," a senior corporation official said. Since representatives from NGOs and RWAs have a major say in classifying and finalising the permitted and prohibited zones on roads for business, activists said that apolitical members with valid credentials should be appointed to the committee. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it better to shower in the morning or at night? Here's what a microbiologist says CNA Read More Undo Presently, the local body gets no revenue from the street vendors. A minimum of 250 to maximum of 3,000 per annum can be collected by the committee as user fee. "Apolitical members should be appointed as they would not compromise on the safety of commuters for political and personal gains. The vending committee election was completed after a long struggle, now, we expect solutions," H Ghouse Baig, a consumer rights activist said. There are 6,182 street vendors in five zones. "We expect the committee to be formed within 30 days after the election. We have sought an office to deal with the administrative work, " S Selvi, an elected representative of street vendors, said. Roles of the vending committee: 1) Earmarking permitted place for street vendors (vending zone) 2) Identifying crucial roads where street vendors will be prohibited (no-vending zone) 3) Providing facilities such as restrooms for street vendors and collecting user fees. Approximate annual revenue to the civic body: Rs30 lakh to Rs35 lakh per year Members in vending committee: Total- 15 1) Medical officer - 1 2) Police personnel- 2 3) Corporation officer- 1 4) Representatives of street vendors (elected)- 6 5) A representative of traders association- 1 6) Members from NGO, community-based organisation- 2 7) Members from residents welfare association- 1 8) Chairman (city corporation commissioner)- 1
Express Tribune
2 days ago
- Business
- Express Tribune
Stocks face profit-taking after two days of hefty gains
Stocks came under selling pressure at the Pakistan Stock Exchange (PSX) on Thursday as the benchmark KSE-100 index gave up early gains and closed with a drop of over 700 points amid profit-taking. At the commencement of trading, the market extended its healthy momentum of the past two days, hitting intra-day high at 123,418 within the very first hour. However, profit-taking emerged soon afterwards, which gradually took the index to intra-day low of 122,142 before the end of trading. At close, the KSE-100 index settled at 122,046.46, down 715.18 points, or 0.58%. 'After a gain of almost 6.6k points (up 5.7%) in the last two sessions post Iran-Israel ceasefire, the PSX had a profit-taking day today (Thursday). Resultantly, the KSE-100 index wrapped up the session at 122,046 by shedding 715 points,' said Ali Najib, Deputy Head of Trading at Arif Habib Limited (AHL). During trading hours, the benchmark index saw some selling, with FY25 settlement falling on Monday (June 30). There are some institutional investors, who follow settlement date accounting and need to square their positions, if needed, he said. 'Early gains were extended up to 123,400 before the market came off to close 0.58% lower day-on-day at 122,046,' wrote AHL in its daily report. While 71 stocks declined, only 27 advanced, reflecting a broadly negative sentiment. Engro Fertilisers (+2.22%), National Foods (+8.07%) and Pakistan Petroleum (+0.79%) were the top contributors to index gains. On the other hand, Bank AL Habib (-2.84%), Lucky Cement (-1.86%) and Habib Bank (-2.59%) were the biggest drags, it said. In a key event, the Supreme Court provided a boost to the cement sector by suspending the Lahore High Court's directive that required Punjab-based manufacturers to pay 6% royalty on the ex-factory price. Additionally, Organic Meat Company gained 5.64% after announcing plans to begin exporting beef casings to Europe, a significant move seen by investors as a step towards diversification and growth, AHL said. 'Heading into the final session of the week, the KSE-100 has risen 1.69% week-to-date,' it said and expected the 120,000 level to act as a key support and potential base for push towards 130,000. Overall trading volumes increased to 758.5 million shares compared with Wednesday's tally of 749.8 million. The value of shares traded was Rs30 billion. Shares of 473 companies were traded. Of these, 200 stocks closed higher, 237 fell and 36 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 37.5 million shares, losing Rs0.06 to close at Rs8.52. It was followed by WorldCall Telecom with 33.3 million shares, falling Rs0.04 to close at Rs1.45 and Pervez Ahmed Consultancy with 33 million shares, gaining Rs0.25 to close at Rs3.29.
Business Recorder
2 days ago
- Business
- Business Recorder
SNGPL to establish wholly-owned subsidiary
Sui Northern Gas Pipelines Limited (SNGPL) has received board approval to establish a wholly owned subsidiary, a move considered a step toward business diversification and operational expansion. The OMC disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. 'The Board of Directors in its 638th Meeting held on Wednesday, June 25, 2025 has accorded approval to proceed with the formation/registration of a wholly-owned subsidiary company with an authorised share capital of Rs1 billion and an initial paid-up capital of Rs50 million. 'Any costs incurred by SNGPL for registration of the company will be charged to the new entity and recovered from it, once it is established,' read the notice. SNGPL declares highest-ever profit and dividend for FY 2023–24 SNGPL recorded its highest-ever profitability in FY2023–24, with a remarkable profit before tax of around Rs30 billion. Profit after tax stood at an impressive Rs19 billion, translating into Earnings Per Share (EPS) of Rs29.92 — a significant surge from the Rs10.6 billion profit after tax and EPS of Rs16.66 recorded in the corresponding period last year. Sui Northern Gas Pipelines Limited is a public limited company incorporated in Pakistan under the Companies Act,1913 (now Companies Act, 2017). The principal activity of the Company is the purchase, transmission, distribution and supply of natural gas.
