Randhawa concerned over Punjab's fiscal health

Chandigarh: Congress leader and Gurdaspur MP Sukhjinder Singh Randhawa on Tuesday expressed concern over Punjab's financial health.Citing the Comptroller and Auditor General of India (CAG) report, Randhawa said under the Aam Aadmi Party govt, Punjab was continuously sinking into debt.The govt has failed to generate sources of revenue, and the fiscal deficit is increasing every year. From 2019-20 (during the previous Congress govt) to 2023-24, the state's fiscal deficit has doubled. Similarly, expenditure on subsidies has also doubled, said the former deputy CM of Punjab.He appealed to the Bhagwant Mann govt to convene an all-party financial discussion. The senior leader also proposed the formation of a legislative financial oversight committee so that a consensus-based strategy for Punjab's economic revival could be prepared.Randhawa emphasised that only collective efforts could resolve the situation and called for a comprehensive financial transparency framework and a bipartisan reform roadmap.He said audit observations should not be reduced to political accusations but should be taken as warnings for systemic reforms. The CAG report is not merely a criticism of any one govt but reflects long-standing structural weaknesses in Punjab's financial management, said the Congress MP.Randhawa added that successive govts shared responsibility for the current financial stress, and institutional accountability mechanisms were necessary to prevent such lapses in the future.He proposed a legislative financial oversight committee comprising members from all parties to monitor debt, expenditure quality, and fund utilisation.The senior leader also stated that according to the CAG report, Punjab's fiscal deficit was Rs 14,285 crore in 2019-20, which increased to Rs 28,215 crore in 2023-24. During the same period, the state's debt rose from Rs 1.62 lakh crore to Rs 2.08 lakh crore and has reached Rs 4.17 lakh crore in the current year. At this pace, it may reach Rs 5 lakh crore by the end of the year, he said.Randhawa noted that subsidies were a major pressure point on Punjab's finances. From 2019-20 to 2023-24, subsidies nearly doubled from Rs 10,161 crore to Rs 18,770 crore. Of this, about 92-99% has been spent on electricity subsidies, he added.MSID:: 129633879 413 |