Punjab Congress Speaker Amrinder Singh Raja Warring on Friday warned the state government led by the Aam Aadmi party against fiscal profligacy which can push the state into bankruptcy.
“Given the rate at which the AAP Government of Punjab is borrowing money, this will add at least one million rupees to the already indebted state,” Warring said, adding that over the past six months the state had incurred a debt of 11,464 rupees. crores, which means that the total borrowing in five years will exceed Rs one lakh crores.
The state congress president said there was a sharp decline in revenue collection also in terms of sales tax and stamp duty – two important indicators of economic and business activity. “The collection of additional revenue shown under the heading excise was due to the posting of a security amount by the alcohol entrepreneurs. This is just a juggling of numbers, when in reality there is no ‘increase in income,’ he said.
He said that despite such a tight budget situation, the state government was shamelessly spending money on advertisements and that too in outlying states like Gujarat and Himachal Pradesh. “You will have to account for every penny you waste that should otherwise be spent for the welfare of the people of Punjab,” he said.