‘PAA pushes Punjab to bankruptcy’: Congress slams state government for heavy borrowing

Punjab Congress Speaker Amarinder Singh Raja Warring has slammed the AAP-led state government for running up Rs 11,464 crore in debt over the past six months.

Chandīgarh,UPDATED: October 28, 2022 10:59 PM IST

Punjab Congress Speaker Amarinder Singh Raja Warring said there was a sharp decline in revenue collection in terms of sales tax and stamp duty, two important indicators of economic and business activity. (Picture: Twitter)

By Lalit Sharma: Punjab Congress Speaker Amarinder Singh Raja Warring has warned the Aam Aadmi Party (AAP) against fiscal profligacy, which can push the state into bankruptcy.

Pointing out that the AAP-led government in Punjab has already incurred debt of Rs 11,464 crore in the past six months, Warring said the total borrowing will exceed Rs 1 lakh crore in five years.

In September, the AAP-led government of Punjab collaborated with the World Bank, under which the international monetary institution is set to lend $150 million for the Building Fiscal and Institutional Resilience for growth (BFAIR) project. ).

Warring said there was a sharp decline in revenue collection in terms of sales tax and stamp duty, two important indicators of economic and business activity.

The collection of additional revenue shown under the heading excise was due to the posting of a security amount by alcohol entrepreneurs. “It’s just a juggling of numbers, when in reality there is no increase in revenue,” alleged the congress leader.

Read also | Punjab Excise Department brings in over Rs 4,000 crore in six months for first time

Warring said that despite such a precarious financial situation, the state government was shamelessly spending money on advertisements and that too in outlying states such as Gujarat and Himachal Pradesh. “You will have to account for every penny you waste that should otherwise be spent for the welfare of the people of Punjab,” he said.

Warring warned against such reckless spending of borrowed money. “You are pushing Punjab towards bankruptcy,” he said, while criticizing the government for presenting the borrowed money as “income”.

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