Taking efforts to give stability to Punjab economy: FM Badal
Badal also sought to demolish claims of the opposition, which termed the state budget as "visionless and directionless", by stating that all the key financial indicators were within the prescribed parameters of the Fiscal Responsibility and Budget Management Act.
"It has been our efforts to give stability to Punjab economy," Badal said while winding up the debate on the state budget here.
It had been his basis duty to take the state out of financial crisis, inherited from previous SAD-BJP regime, to stable financial situation, he further said.
On the criticism by opposition SAD which says the budget mainly relied on central funds, Badal said it was the state's share in central taxes and asked "why anybody complains if we are receiving it."
Badal described the CCL debt account of Rs31,000 crore, inherited from previous SAD-BJP government, as a body blow to the state.
He further highlighted that the state's 24 per cent taxes like purchase tax, VAT were subsumed in the Goods and Services Tax.
Replying to the criticism of difference between budget estimates and revised estimates, Badal said during previous SAD-BJP regime, this difference remained between 7 to 29 per cent whereas in the last three years of the current dispensation, it remained 1 to 3 per cent.
On rising debt, Badal explained that the state's outstanding debt would go up by Rs 60,000 crore in four budgets whereas during the last two years of the previous Akali regime, the debt shot up by Rs 70,000 crore.
He further assured the House that the pending DA arrears of the state government employees would also be released.
Badal also patted his government for bringing down the percentage of committed liabilities (salaries, pensions, and interest components) to 72 per cent in 2019-20 from 91 per cent in 2017-18.
Earlier, the AAP MLA and the leader of opposition in the House Harpal Singh Cheema said more than 82 per cent of the revenue receipts were consumed by the committed liabilities, leaving just 18 per cent for carrying out development works.He also accused the state government of having failed to eliminate transport, sand and liquor mafias operating in the state. CHS VSD MRMR
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- Which countries are most affected by severe seismic activity? New earthquake metric provides fresh perspective
- Exicom Tele-Systems to raise ₹429 cr via IPO; sets price band at ₹135-142/share
- Kawasaki Ninja 500 sports bike launched in India at ₹5.24 lakh
- Vodafone Idea board to meet on Feb 27 to consider fundraising proposal
- Stocks rebound: Sensex jumps over 500 points, Nifty hits fresh high