leader of Opposition in Punjab Assembly Sunil Jakhar on Tuesday submitted a memorandum to Punjab Governor Shivraj Patil seeking his intervention to prevent the State from financial emergency.
Jakhar, in the memorandum, has stated that besides the deteriorating fiscal condition of Punjab, various irregularities have been committed by the State Finance Minister in the latest Budget passed in the State Assembly.
Pointing out various “irregularities” and “violations”, the Congress legislators has requested the Governor for “timely and meaningful intervention to prevent the occurrence of State of financial emergency in Punjab”.
“We request you to use your authority to inquire into burgeoning debt and the cause of its perpetual ballooning, and direct the State Government to observe fiscal propriety,” stated the memorandum.
“Punjab Revenue Fiscal Responsibility and Budget Management Bill, 2011, mandates that the revenue deficit in 2012-13 should be below 1.2 per cent of Gross State Domestic Product (GSDP). But, in gross violation of norms, the revenue deficit has reached 1.61 per cent of the GSDP,” said Jakhar.
He added, “In the last six years, Punjab has accumulated loans of Rs38,019 crore. In the same period, the Public sector has accumulated a debt of Rs69,270 crore which has been guaranteed by the State Government. By the end of 2013-14, aggregate debt burden of Punjab will be Rs1.90 lakh crore.”