Losing the purse strings while presenting the Congress Government’s fourth budget, Punjab Finance Minister Manpreet Badal on Friday presented Rs 1.54 lakh crore tax-free populous Budget with major focus on education and health.

With the debt expected to touch Rs  2.48 lakh crore by the end of 2020-21 fiscal year, an allocation of Rs  520 crore was made as debt relief for farm labourers and landless farmers, among other announcements.

Claiming that the state finances were “back on track” with “better fiscal management”, Manpreet patted the Government’s back for bringing to naught the funding gap “as I promised in my first budget to do it in three years”.

“A funding gap of Rs  10,273 crore in 2017-18, Rs 4,175 crore in 2018-19 and Rs 2,323 crore in 2019-20 in our budget estimates was reported in the Budgets of the respective years. Within three years, we are back on track and we have reached a situation where there is no funding gap for the year 2020-21,” he told the House before presenting the budget estimates.

Manpreet has presented the budget with revenue receipts of Rs 88,004 crore and revenue expenditure of Rs  95,716 crore for fiscal year 2020-21. He said that the revenue deficit for financial year 2020-21 will be Rs 7,712 crore and the fiscal deficit will be Rs  18,828 crore respectively.

“Inspired of the daunting challenges before us, we have been able to maintain the fiscal deficit at 2.61 per cent in 2017-18 and 3.08 per cent in 2018-19 as against the budget estimates of 4.96 per cent and 3.81 per cent for respective years,” he said.

Claiming that all financial indicators of Punjab are better in 2020 than they were in 2010, Manpreet said that the fiscal situation is now under control, with the indicators going up and Punjab’s economy is better than before. The next two years will witness a substantial improvement in the lives of Punjabis, he said.

Sharing with the House the improved finances, Manpreet said that the State treasury remained in period of double overdraft for 25 days in 2014-15, seven days in 2015-16 and 16 days in 2016-17. “During the last three years of this Government, we have not had to face the unsavoury situation of going into double overdraft even for a single day,” he added.

“Through active Debt Management, the State has been able to save another Rs  7.50 crore by approaching the market with variable tenures and re-issuance of securities….Due to the efforts and sincerity of the Government that despite the subdued economic mood of the nation, our total revenue receipts increased by 18.80 percent in 2019-20 and are further expected to increase by 18.96 percent in 2020-21,” he added.

Appreciating the patience of his fellow MLAs “who never opposed my any decision and let me do as per my wish”, Manpreet said that with state being in primary surplus, “I would do whatever they ask for. Sirf kalam finance department di hoyegi, kaam eh karaange (Finance department will only approve or sign, work will be done by the MLAs,” he said while making it clear that opposition MLAs would also be given priority.

Talking about the budgetary allocation to different sectors, Manpreet announced Rs 12,526 crore for the welfare and development of agriculture and allied sector, Rs 13,092 crore for education, Rs 4,675 crore for health, Rs 901 crore for Social Justice, Empowerment and Minorities, while Rs 3498 crore for Social Security, Women and Child Development, Rs  270 crore for Sports and Youth Services, Rs 3830 crore to develop rural infrastructure while Rs  5026 crore for urban infrastructure.

An allocation of Rs 2,276 crore has been made for improving accessibility and connectivity, while Rs 2,029 crore for Water Supply and Sanitation, Rs 2,510 crore has been provided for Water Resources.