Expressing grave concern over the precarious financial situation in Punjab, Union Information and Broadcasting Minister Manish Tewari on Sunday demanded a white paper asking the State Government whether the State was heading towards bankruptcy.
He pointed out that frequent reports in the media, corroborated by the ground realities, are a serious cause of concern and all indicators are pointing towards financial bankruptcy with State forced to take loan for day-to-day expenses even like the employees’ salaries which are pending to be paid since July.
“It is for the first time in the history of Punjab that the State Government had to mortgage its property with different banks to get Rs 1,000 crore loan so that it could pay the salaries to its employees. You don’t sell the family silver,” said Tewari while referring to the process of mortgaging and sale of government properties for generating revenue to manage day-to-day affairs.
Asserting that the things were fast moving to a point where it looks no less than a financial emergency, the Minister said, it is high time that the State Government brings in a white paper about the financial status and tells the people of Punjab what it had thought and what it was going to do about the economy.
The Minister, also the ludhiana Member of Parliament (MP), questioned the genuineness of the schemes and projects announced by State Government everyday worth thousands of crores.“It is surprising as how could the State Government go on announcing the projects worth thousands of crores when it did not have a hundred thousand rupees to pay the monthly salary and pension to its employees and pensioners”.
Tewari argued that the situation was so serious that the banks have now stopped lending money to Punjab Government.