Punjab Govt must issue white paper on 2 years of borrowings, expenditure and income: Navjot Singh Sidhu
Mar 18, 2024
Patiala (Punjab) [India], March 18 : Former President of Punjab Pradesh Congress Committee (PPCC) Navjot Singh Sidhu hit out at the Aam Aadmi Party (AAP) and said in a press release posted on X that the Punjab government must be held accountable for this "drastic decline in investment", directly impacting public welfare.
In the press release, he said that the Punjab Government must issue a white paper on 2 years of their government's borrowings, expenditure and income.
He stated that the shocking reality of Punjab's financial state has been brought to light.
"Recent figures reveal a dire situation with the government's debt soaring to Rs. 47,262 crores in 2022-23, Rs. 44,032 crores in 2023-24 (Revised Estimates), and Rs. 41,831 crores in 2024-25 (Budget Estimates). The economic survey of India highlights a concerning reverse multiplier trend where Punjab's investment to GDP ratio has plummeted from 30.22 percent in 90's to a mere 14.07 percent in recent years," Sidhu said in the press release.
He said that the Punjab government must be held accountable for this drastic decline in investment, directly impacting public welfare.
"Budget expenditure on the state's development has dwindled from 70 percent in the 1990s to a mere 50 percent in 2023-24. This signals a governance model failure where borrowed funds are used to service previous debts and Punjab's potential revenue is pocketed by a few," the press release added.
The press release shared by Sidhu said that in the spirit of transparency and democracy, the Punjab Government must release a white paper detailing the bifurcation of loans taken, clarifying the sources of debt.
"The People of Punjab deserve to know how public money is being spent, their resources being managed and how much of their possessions are used as collateral guarantees. They must issue a white paper on 2 years of their government's borrowings, expenditure and income," the release shared by Sidhu said.
Accountability is non-negotiable in a democracy. The government must address these pressing questions to uphold the sanctity of people's vote. To make Punjab liveable investments must come and budgetary allocations for development must create a climate of public welfare towards responsible governance and fiscal management, it added.
