Dr Vikramjit Singh Sahney, Member of Parliament, Rajya Sabha stated that Punjab’s revenue deficit and state’s fiscal health is a matter of grave concern. Though the revenue has increased almost by 11% but the expenditure has grown at a rate of 13%, the continuing mismatch between receipt and expenditure of Punjab finances indicates a rising fiscal stress on the state.
Dr. Sahney stated that Punjab is also loosing rupees 650 crores annualy on account of CCL interest rates for procurement of Wheat and Rice for the central pool.
Dr. Sahney again requested the centre to assist the state in order to take Punjab out of this fiscal crisis and debt trap. A total of around 8500 crore rupees funds of Punjab has been pending with the central government which involves 5658 crore of Rural Development Fund, 1000 Crore of National Health Mission and 1837 crore of Special Assistance to state for capital investment.
Dr. Sahney also stated that raising more debt is not a sustainable solution and in the true spirit of cooperative federalism, centre must come to assist Punjab in these turbulent times. Dr. Sahney appealed that the already sanctioned 1837 crore rupees of the Special Assistance to state for capital investment capital should be released without any further delay.
Dr. Sahney also appreciated the central government for giving approval for setting up an Integrated Manufacturing Cluster (IMC) on 1,102 acres in Rajpura, in Patiala district last week and hoped that the centre will release the funds expeditiously for the same.
