Due to the Wrong Financial Structure of the Punjab is Heading Towards a Deep Financial Crisis: Vij

By 121 News

Chandigarh, Feb.26, 2023:-Due to the inexperience and wrong financial structure of the present Aam Aadmi Party government of Punjab, the state is headed towards a deep financial crisis. Treasurer of Punjab Pradesh Congress and former MLA Amit Vij said that the poor and middle class are being badly affected by the wrong policies of the state government.

He said that according to the report of the CAG till December, the revenue deficit of the state has touched 15349 crores, which is likely to reach 20 thousand crores by March. Revenue deficit has reached 122 % till December. He said that the target of revenue generation was kept at 95375 crores, which by December 60095 crores i.e. 61% of the target was accomplished, which could be up to 80% by March. He said that the state government had set a target of 9647 crores from the excise policy, it was 6056 crores, which reached only 62.17%.

The target of other taxes and duties was 5390 crores, which remained limited to only 2039 crores. Vij said that the target of grant-in-aid was 16977 crores only. The government had set a target of taking a loan of 23835 crores for the whole year, but till December, took a loan of 19540 crores, which is 81.98%. He said that the Punjab government is claiming that it has received a revenue of Rs 80,000 crore till December, while it has raised Rs 19,540 crore as debt. Including the subsidies that have to be given to the people, the government will be in a deficit of about 20 thousand crores to 25 thousand crores.

  Now the government has to give 1000 rupees per woman as well, which will put an additional burden of 12 thousand crores to 15 thousand crores on the government. Expressing concern, he said that due to this whole situation, the government should not put the burden of tax on the people. He said that due to the complicated law and order situation of the state, there is a possibility of further decline in the revenue of the government.

He said that the Punjab government has increased the tax on petrol and diesel and is now preparing to put more burden on the public. The AAP government had promised to stop leakages of 20 thousand crores and 34 thousand crores from sand and gravel and bring it to the treasury. In which the government completely failed.

On the other hand, the government made promises to bring private investment in the state. Which could not come due to the unstable law and order of the state. He suggested to the AAP government that they should increase the capital expenditure. He said that the government will have to create an atmosphere of harmony in the state for private investment. Only then the economy of the state will be able to improve. He said that due to the inexperience of the government, Punjab may get trapped in a big economic crisis.