The cash-crunched Punjab Government has decided to regularly review its fiscal condition, with focus on expenditure curtailment and resource mobilisation.
A Cabinet sub-committee, headed by Chief Minister Capt Amarinder Singh, has been set up for this purpose on Friday. The sub-committee will meet every Tuesday to discuss ways and means of cutting down on expenses and generate resources to meet the state’s requirements and boost its economy.
Besides Chief Minister, the sub-committee comprises the State Minister for Health and Family Welfare, Research and Medical Education, Parliamentary Affairs Brahm Mohindra and Finance Minister Manpreet Badal.
The decision to set up the sub-committee was taken by the Council of Ministers after taking serious note of the state’s fiscal crisis.
The cabinet stressed the need for a regular high-level review of the same and proactive steps to tackle it.
With a debt burden of Rs 2,08,000 crore, fiscal deficit of Rs 34,000 crore and revenue deficit of Rs 13,000 crore, the Congress government in the state is battling a major challenge as it strives to combat the fiscal crisis inherited from the erstwhile SAD-BJP Government.