Lal Singh calls Punjab Budget 2013-14 'worst ever'

Friday, 22/03/2013

http://punjabnewsline.com/news/Lal-Singh-calls-Punjab-Budget-2013_14-as-worst-ever.html

CHANDIGARH: Senior Punjab Congress leader and former finance minister Lal Singh on Thursday described the Punjab Budget 2013-14 as the worst ever Budget presented by any finance minister in the past 35 years of his political career.

He said, “Finance minister Parminder Singh Dhindsa presented an Annual Budget of Rs 69, 052 crore, but by his own admission the total debt burden on Punjab will rise to Rs 1, 22, 068 crore by the end of the next financial year. In other words, it is just a make-believe Budget.”

Speaking at the mock ‘assembly session’, organized by the Opposition outside the Vidhan Bhawan complex and later while addressing the media, Lal Singh said that he had himself presented three Budgets as finance minister in the Captain Amarinder Singh government (2002-07).

“The Budget document hides more than what it reveals. The state government has tried to hide its failures by printing a colorful Budget speech booklet. The absence of content in the 60-page speech booklet has sought to be made up by publishing color photographs of chief minister Parkash Singh Badal and deputy chief minister Sukhbir Singh Badal,” he said.

Lal Singh said that he was amazed to discover that the entire section dealing with Public Sector Undertakings (PSUs) has been removed from the Budget documents. He said, “Out of the 53 PSUs, as many as 22 have been shut down. Of the remaining 31, more than half are in the red. No PSU can get any loan from any financial institution.”

He said, “Debt burden on PSUs has been rising constantly. When the Congress government bowed out of office in March 2007, outstanding loan of PSUs was Rs 10, 321.92 crore which rose to Rs 64, 233 crore as on March 31, 2012. This figure would rise to Rs 79, 592 crore by the end of this month. Similarly, the revenue debt on the state as on March 31, 1997 was Rs 15, 344 crore, rising to Rs 32, 496 crore in 2002, to Rs 48, 344 crore in 2007 and by March 31, 2013, this figure would touch Rs 92, 804 crore.”

The former finance minister said although Haryana was born out of Punjab, it had forged much ahead as far as development was concerned.

“Punjab’s Annual Plan for 2011-12 was at just Rs 11, 500 crore as against Haryana’s Rs 13, 200 crore. Punjab’s plan utilization was just 64 per cent that year, while Haryana’s utilization was 120 per cent, that is Rs 15, 254 crore. Similarly, in 2012-13 Punjab’s Annual Plan was Rs 14, 000 crore as against Haryana’s Rs 16, 549 crore. Punjab has been able to utilize not even 60 per cent of the Plan outlay so far.

As regards 2013-14, the Punjab Plan outlay has been fixed at Rs 16, 123 crore, while Haryana’s Plan outlay stands at Rs 18, 000 crore.

Punjab’s revenue deficit was at Rs 4, 750 crore as against Haryana’s Rs 403 crore. Punjab’s fiscal deficit was at Rs 9395 crore against Haryana’s Rs 5, 575 crore. Punjab’s debt was at Rs 92, 804 crore, while Haryana’s debt stood Rs 62, 852 crore. Punjab’s PSUs’ debt totaled Rs 64, 223 crore against Haryana’s Rs 5, 600 crore. Haryana’s income of Rs 829 crore in 2012-13 exceeded the combined incomes of Punjab, Himachal Pradesh and Chandigarh put together,” he said.