LIT approves Rs 283-cr budget, awaits state govt's approval

Our Correspondent

Ludhiana, May 26

The Ludhiana Improvement Trust (LIT) approved its annual budget pegged at Rs 283.98 crore for FY 2023-24 in a meeting of the Trust held here under the chairmanship of Tarsem Singh Bhinder. The approved budget proposal has now been forwarded to the state government for its approval under the provisions of Punjab Town Improvement Act.

LIT chief Bhinder said of the total annual expenditure of around Rs 283.98 crore, as much as Rs 187.22 cr (66 per cent), would be spent for development works in various colonies of the Trust.

This amount will include a sum of Rs 8.90 crore to be spent under by the Trust for development works of emergent nature in the city’s colonies, in addition to those maintained by LIT.

“The LIT has allocated Rs 187.22 cr (66 per cent) for development works this year, as against an expenditure of just Rs 98.46 crore (43 per cent) during the last financial year. Projected annual income during the current financial year would be around Rs 303.73 crore (Rs 291.70 during last year),” Bhinder added.

He said several plans are in the pipeline for the development of new residential and commercial projects in the city and the relevant details are under discussion with the government at the top level.

“As and when suitable land is made available for the purpose, required financial resources for land acquisition will be sought either from the government assistance or through land pooling scheme, whichever is found suitable,” the LIT chief said.

Executive Officer Jatinder Singh, Trust engineers Vikram Kumar, Naveen Malhotra, Accounts Officer Harsimran Singh and representatives of District Town Planner, Executive Engineer, PWD (B & R) and SDM (East) were also present at the meeting.