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CHANDIGARH: The Bhagwant Mann executive in Punjab on Saturday admitted the state is being driven deeper right into a debt entice in a White Paper tabled within the Meeting, however sought accountable the former governments for the industrial morass.
The economies of rather a couple of state governments are below an identical pressure, however it is just Punjab that has approved it in advance. Simply closing week, the RBI had warned that the economies of Kerala, Punjab, Rajasthan, West Bengal, and Bihar are in serious trouble. However Kerala sought to rebut it.
Punjab’s debt has spiraled to two.63 lakh crore and the state has Rs 24,351.29 crore value liabilities to carrier within the rapid time period, the record stated, caution of an forthcoming disaster. “The present debt signs of the state are almost certainly the worst within the nation, pushing it deeper right into a debt entice,” it claimed. The White Paper was once tabled by way of state finance minister Harpal Singh Cheema on the second one day of ongoing funds consultation.
It quantified the present debt as a whopping 45.88 consistent with cent of the state GDP. Debt ballooned 44.23 consistent with cent within the closing 5 years at a compounded annual enlargement price of seven.6 consistent with cent, it added. Pointing palms on the earlier Congress executive, it stated they left an instantaneous and medium-term legal responsibility of Rs 24,351.29 crore. Of that quantity, Rs 13,759 crore will cross against non-payment of arrears of the 6th pay fee and Rs 7,117.86 crore for energy subsidy arrears.
But even so, the percentage of central taxes plus grants from the Centre, which was once 24 consistent with cent of overall income receipts in 2011-12, has doubled to 46 consistent with cent in 2021-22. This comes because the state’s tax income as a proportion of overall income receipts diminished from 72 consistent with cent to 48 consistent with cent throughout the similar duration.
With the GST reimbursement regime finishing in June, the state executive could be staring down a large hollow in its budget to the music of Rs 14,000-15,000 crore in 2022-23 itself, the record identified.
General remarkable debt: Rs 2,63,265 crore
The way it ballooned
1980-81 – Rs 1,009 crore
2011-12 – Rs 83,099 crore
2021-22 – Rs 2,63,265 crore