Chandigarh: Congress led the Punjab government would leave the country with a debt burden that was projected at least Rs 2.82 lakh crore during the five-year term ending in March next year.
When the Congress government took control of the State in March 2017, he won the Heritage of Rs 1.82 Lakh Crore Debt from the Government of the previous SAD-BJP alliance.
The state government has estimated the debt burden of RS 1 Lakh Crore for a five-year term, increasing the debt burden of Crore Rs 1.82 Lakh inherited to Rs 2.82 Lakh Crore.
However, the investment announcement and distribution of cash in the 2022 state assembly process will unfit undenional increasing the state debt burden outside the projected 2.82 lakh crore RS project.
The main part of the Punjab Govt income and loans used for service Minister Charanjit Singh Channi recently insisted the state government had enough funds to be able to fulfill this populist announcement.
Minister of Finance Manpreet Singh Badal has projected total revenue revenues at RS 95,257 Crore in this fiscal budget but the record of the four-year government of the Congress exceeded that he never reached more than 81% of his income target.
Although the Minister of Finance claimed to have restored the country’s economy, the government’s financial statements spoke more because nearly 40% of the total estimated revenue revenue from RS 95,257 Crore for fiscal will now enter the total debt service.
Politics of populism and encouragement to splurge in Punjab for years has brought a country on such a platform that most market revenues and loans enter into capital expenditure.
The remaining income enters unproductive expenses such as disbursement of salaries, pensions, power subsidies, and debt relief.
The previous SAD-BJP regime in the last 10-year government in 2016-17 actually spent RS 54,280 Crore on capital expenditure but contrary to that the government of the Congress in power ago (2021-22) only saved the provisions of the RS 34,135 Crore in the budget for Develop infrastructure.
At the same time, Covid’s pandemic also made a large dent in punjab government such as other countries.
What is more worrying is the failure of the State Government to explore new roads to generate their own income and its weaknesses to capture income losses at a cost that is mainly due to illegal mining, trade in the forbidden liquor, and expanded support to politicians influence the cost of government transportation.
The Tax Regime of Goods and Services (GST) is implemented from July 1, 2017, where the central government guarantees a growth of 14% of the years during the 2015-16 fiscal base to countries by taking compensation for shortcomings.
As a disbursement of GST compensation, if not further extended, it will expire in June next year and the Punjab government must have to bear the burden.
The only grace that saves for the state government is an increase in the tax collection of values (PPN) because of the increase in petroleum prices in the past.
Collection of registered VAT countries from RS 4,024 Crore from April-September this year compared to RS 2,426 during the period in accordance last year.
In addition, by collecting RS 2,907 Crore as an excise tax in this fiscal first half, Punjab has recorded an increase of 18% compared to the latest recent months.
Pb faces the debt burden of at least RS 2.82L Crore
