Chandigarh:Announcing that the Captain Amarinder Singh government has inherited an empty treasury, with a revenue deficit of Rs 13,484 crore and the fiscal deficit of Rs 26,801 crore, Punjab Governor V P Singh Badnore on Tuesday said that the government was now mulling to bring out a ‘White Paper’ on development, governance reforms and the financial position of the state.
The move was aimed at clearly apprising the common man of the present situation inherited by the incumbent government, the Governor mentioned in his address during the first session of the 15th Punjab Vidhan Sabha.
Presenting a dismal picture of the state exchequer, the Governor further said that the large borrowings coupled with the lack of any concerted efforts to increase the revenue and control the expenditure has aggravated the financial stress. During the last five years, 2012-2017, the projections/ targets of State Excise and VAT revenue collections were never achieved, he declared in the Assembly.
“During the last 10 years, the total debt of the state has increased from 48,344 crore in 2006-2007 to Rs 1,82,537 crore at the end of 2016-2017. The state government during the years 2015-16 and 2016-17 borrowed Rs 15,632 crore on behalf of the Punjab State Power Corporation Ltd. (PSPCL) alone,” he stated.
Reading out a 20-page written address, the Governor also blamed the term loan of Rs 31,000 to meet the settle the gap in Cash Credit Limit (CCL) for food, as a yet another burden on the state, to which he assured that the state government would not take up with GoI to seek help.
Giving a hope, Badnore said that the state government was fully committed to restore the financial position of the state and to once again put it on a high growth trajectory by vastly improving the quality of services being provided, by accelerating the rate of growth and by affording quality employment opportunities, especially for the youth of the state.
For more news updates Follow and Like us on Facebook