The record submitted through Finance Minister Harpal Singh Cheema has blamed the former governments for the fiscal mess. In keeping with the record offered two days ahead of the presentation of the state funds within the Area, “As of late Punjab is in a monetary disaster and debt lure.”
The record stated that the former governments, as a substitute of enforcing the important reforms, persevered to be fiscally negligent. That is glaring from the unproductive enlargement in earnings expenditure, unutilized subsidies, attainable tax, aid in non-tax revenues.
This white paper is of 73 pages. “The White Paper at the State’s Monetary State of affairs is an try to simplify the complicated problems being confronted through the Executive of Punjab within the monetary sector, which changed into crucial through the years because of the misconception of the previous governments,” the record stated. Is.”
The present efficient exceptional debt of Punjab is Rs 2.63 lakh crore, which is 45.88 in step with cent of the state’s SGDP (Gross Home Product), the record stated. “The state’s present debt signs are most likely the worst within the nation, pushing it deeper into the debt lure,” the white paper stated.
The exceptional debt of the state greater from Rs 1,009 crore in 1980-81 to Rs 83,099 crore in 2011-12 and Rs 2,63,265 crore in 2021-22, the record stated.
Punjab, which was primary in in step with capita source of revenue in all of the nation for a very long time, is now lagging in the back of many different states and has dropped from the highest to eleventh place. In keeping with the white paper, the 6th Punjab Pay Fee, which used to be due from January 2016, used to be applied in an excessively past due and hasty July 2021, simply six months ahead of the state meeting elections.
“The former govt may no longer transparent the arrears of revised pay from January 1, 2016 to June 30, 2021, in view of the implementation of the 6th Punjab Pay Fee,” the record stated. The exceptional legal responsibility in this head by myself could be round Rs 13,759 crore.
The White Paper stated that Punjab wishes to significantly rethink its expenditure commitments along side direct earnings augmentation measures to carry again its former glory.