CHANDIGARH: Citing monetary prudence and optimum utilization of state sources, the Punjab Chief Minister Bhagwant Singh Mann on Tuesday furnished the entire particulars of each single penny spent by the state authorities in final 18 months to the Governor Banwari Lal Purohit.

In a letter to the Governor, Bhagwant Singh Mann apprised that Rs 27016 crore has been paid by state authorities as fee of curiosity whereas Rs 10208 crore have been utilized as capital expenditure. He stated that the state has inherited plenty of debt as part of which Rs 350 crore have been spent for bailing out PUNSUP, Rs 798 crore for bailing out PSCADB, Rs 845 crore to bail out RDF, Rs 2556 crore for Power Subsidy arrears (2017-2022), Rs 4000 crore as sinking fund funding, Rs 1008 crore as arrears of sugarcane farmers, Rs 1750 as unpaid central sponsored schemes and others. Bhagwant Singh Mann stated that the state authorities has judiciously spent Rs 48, 530 crore for the effectively being of the folks and progress of state.

The Chief Minister stated that state authorities has additionally made concerted efforts for enhancing the tax collections in Punjab. Citing the figures, he stated that GST assortment in state has witnessed a rise of 16.6% throughout their tenure including {that a} hike of 37% has been registered in Excise assortment. Similarly, Bhagwant Singh Mann stated that taxes on automobiles have enhanced by 13% and the gathering on stamps and registration has witnessed upward assortment by 28%.

The Chief Minister profusely thanked Banwari Lal Purohit for looking for the data which permits him to place many issues in perspective. He categorically stated that from April 1, 2022 to August 31, 2023, the online addition to the State’s debt has been Rs. 47, 107.6 Crore, which incorporates not solely market loans but in addition loans from NABARD, Externally Aided Project, loans allowed by the Government of India and long-term mortgage underneath Special Assistance for Creation of Capital Assets as permitted by Government of India. Bhagwant Singh Mann bemoaned {that a} mammoth quantity of Rs. 27, 016 Crore went into curiosity compensation on the debt which his authorities inherited.

The Chief Minister stated that the state authorities used each debt and state’s Own income sources to fund organisations/schemes ignored by predecessors, utilized the brand new debt to create capital belongings and undertake improvement actions within the State. He stated that the state authorities is dedicated to honour States rightful liabilities and servicing the debt in a well timed method whereas striving to mobilize sources to fund improvement of the State. Bhagwant Singh Mann stated that his Government is working 24 by 7 to mobilise further sources for the State.

The Chief Minister stated that the extra receipts have helped immensely in making worth accretive investments whereas initiating fee of arrears and unpaid dues. Bhagwant Singh Mann stated that he was elated to share that Government has invested within the Sinking Fund a complete of Rs. 4, 000 Crore since 1″ April, 2022 whereas complete accumulation by earlier governments simply stood at Rs 2, 988 Crore. He stated that this fund is aimed toward assuaging a number of the debt stress of the State in future.

The Chief Minister expressed hope that above info places into perspective the challenges confronted by state Government resulting from legacy debt burden. He stated that now the Governor can be ready to persuade the Hon’ble Prime Minister that not solely the debt has been correctly utilized however all-out efforts are being made to consolidate the State funds. Bhagwant Singh Mann stated that every one this has been executed whereas offering employment to greater than 36, 000 youth within the State.

With Punjab’s pursuits in thoughts, Bhagwant Singh Mann urge the Governor to persuade Hon’ble Prime Minister to not solely launch the pending RDF but in addition accord a moratorium on debt compensation of the State for no less than 5 years. This will present a lot wanted reduction to the strained monetary place of the State and would give some fiscal elbow room to the state authorities, he added.

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