Chandigarh: The fourth finances of the Aam Aadmi Social gathering authorities in Punjab has as soon as once more ignored the availability of Rs 1,100 per thirty days to each grownup lady within the state. The execution of one of many main pre-poll guarantees of the AAP discovered no point out within the finances speech delivered by the state’s Finance Minister Harpal Cheema Thursday.
The Punjab authorities was anticipated to implement the scheme with this 12 months’s finances as a number of pre-budget conferences had featured discussions on the proposal. “I admit that we’ve got not been capable of fulfill our ballot promise in the direction of ladies this 12 months, however we shall be doing it very quickly,” Cheema informed media individuals after the finances presentation.
Although not a part of Cheema’s speech, the monetary assertion launched later confirmed that the state’s excellent debt is prone to contact an alarming Rs 4.17 lakh crore by the top of the brand new fiscal 12 months. This could come all the way down to a debt of Rs 1.39 lakh per Punjab citizen on common.
Within the monetary assertion, the “efficient” excellent debt, nevertheless, was projected at Rs 3.96 lakh crore, after subtracting “back-to-back loans of Rs 20,491.41 crore obtained from Authorities of India in 2020-21 and 2021-22 in lieu of GST compensation shortfall”.
“This a part of the debt is to not be paid again by Punjab, however by the Centre,” defined A.Okay. Sinha, Punjab’s Principal Secretary, Finance, to media individuals.
In final 12 months’s finances, the debt burden was estimated to be Rs 3.74 lakh crore. Nonetheless, based on the revised estimates, it shot as much as Rs 3.83 lakh crore.
On Monday, Union Minister of State for Finance Pankaj Chaudhary had knowledgeable Parliament that Punjab is the second-most indebted state within the nation. In response to a query by Congress MP from Chandigarh, Manish Tewari, Chaudhary had stated that Punjab was solely second to Arunachal Pradesh when it comes to debt-to-GSDP (gross state home product) ratio.
At a media briefing after the presentation of the finances, Cheema stated that the state’s debt-to-GSDP ratio is anticipated to enhance from the final fiscal, when it stood at 44.7 p.c, to an estimated 44.5 p.c this 12 months.
Nonetheless, based on the information shared by Chaudhary in Parliament Monday, Punjab’s debt-to-GSDP ratio was 46.6 p.c, a lot increased than what has been projected by the state authorities.
Requested concerning the discrepancy, Cheema stated that the finances had been ready in accordance with the figures gathered by the statistics division. Principal Secretary Sinha added that whereas he couldn’t touch upon the figures offered in Parliament as reported by the media, it was advisable to discuss with the figures up to date repeatedly on the accountant common’s web site.
The state gross home product has clocked a development price of 9 p.c from the present Rs 8.09 lakh crore, and is anticipated to the touch 8.91 lakh crore within the present fiscal at a development price of 10 p.c, Cheema stated.
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Rs 2.36 crore finances
Presenting a Rs 2.36 lakh crore annual finances for FY 2025-26, the AAP authorities shall be elevating an estimated debt of over Rs 49,900 crore this 12 months, other than banking on one other Rs 71,250 crore via methods and means advances (WMA) to satisfy its expenditure.
The WMA, a monetary instrument of the Reserve Financial institution of India, is supposed for central and state governments to tide over any mismatch in receipts and funds. Nonetheless, it’s normally an emergency provision for use sparingly.
“The full income receipts have been projected at Rs 1.11 lakh crore, of which the state’s personal tax income accounts for Rs 63,250 crore. The share of central taxes has been pegged at Rs 25,703 crore and share in central taxes at Rs 10,576 crore,” stated Cheema. He added that the state’s personal tax income had recorded a double-digit development of 14 p.c by February 2025. “Excise income alone elevated by 63 p.c.”
Of the proposed Rs 1.35 lakh crore income expenditure, the federal government will spend nearly Rs 36,500 crore on salaries and wages, and almost Rs 20,750 crore on pensions. Of the remaining, nearly Rs 25,000 crore will go in cost of curiosity.
Moreover, the Punjab authorities shall be spending Rs 10,300 crore when it comes to capital expenditure, a rise from the present Rs 8,347 crore.
The finance minister pegged the income deficit at 2.69 p.c and financial deficit at 3.84 p.c. Final 12 months, the state had registered a income deficit of three.54 p.c and a fiscal deficit of 4.54 p.c.
Promotion of sports activities
Within the finances speech, Cheema introduced the allocation of Rs 979 crore for sports activities and allied actions—“the very best ever within the historical past of Punjab”. He stated that the cash could be utilised as a part of a specialised effort underneath “Khed-da Punjab, badalda Punjab” to encourage children to steer clear of medicine.
The finance minister additionally introduced the “Rangla Punjab Vikas Scheme”, underneath which Rs 5 crore shall be allotted to every constituency in Punjab for growth functions. A complete of Rs 585 crore has been allotted for the scheme.
Cheema additionally introduced that his authorities will undertake the primary drug census within the state, masking each family to assemble knowledge concerning the prevalence of drug habit, utilization of drug de-addiction centres, and the socio-economic situation of those households. Cheema stated that the information gathered would assist in producing higher coverage selections to fight drug habit. Rs 150 crore has been put aside for the survey.
Cheema added that the federal government has prolonged the state medical insurance scheme to cowl 65 lakh households in Punjab, whereas growing the insurance coverage cowl to Rs 10 lakh. He stated that this may embrace these lined underneath central authorities’s schemes, who will get an extra top-up cowl of Rs 5 lakh from the state authorities. A finances allocation of Rs 778 crore has been made on this account, he added.
Whereas Rs 9,992 crore has been allotted for energy subsidy to agriculture, one other Rs 7,614 crore has been stored apart to offset the ability payments of households, which eat lower than 300 items per thirty days.
‘Plethora of lies’
The Opposition in Punjab referred to as the finances “disappointing”, describing it as “outright dishonest” with the ladies of Punjab. “The finances is a plethora of lies and deceitfulness,” Chief of Opposition and Congress chief Partap Singh Bajwa informed media individuals.
“Within the upcoming monetary 12 months (2025-26), the AAP authorities will elevate a mortgage of Rs 49,900 crore. Consequently, the state’s excellent debt shall be Rs 3.96 lakh crore by the top of subsequent FY. When the AAP obtained maintain of energy in March 2022, the excellent debt in Punjab was Rs 2.73 lakh crore. Is that this what FM Cheema was boasting about?” stated Bajwa.
“Agriculture is essentially the most essential sector of Punjab. The allocation of Rs 14,524 crore for the agriculture sector is nothing however a merciless joke with the farmers of Punjab. MSP procurement for non-paddy crops covers simply two p.c of farmers. To diversify 10 lakh hectares, it wants Rs 28,000 crore per 12 months, not the Rs 1,200 crore allotted,” he added.
Bajwa additional stated that the Bhagwant Mann-led authorities has failed to meet its key pre-poll guarantees because the Rs 1,100 month-to-month allowance for girls has not been introduced this 12 months both. The federal government has additionally did not curb the drug menace within the state, he stated.
(Edited by Mannat Chugh)
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