Punjab Finance Minister promises better fiscal management

Chandigarh, June 26 (UNI) Through better fiscal management and revenue collection and reduction in expenditure, the Punjab government hopes to increase the annual budget plan size from the existing Rs 5,111 crore to Rs 10,000 crore in the next five years.

"I am not saying whether the Budget is best or good, but within the circumstances and what we have inherited, is is the best", Finance Minister Manpreet Singh Badal said while replying to the debate on the annual Budget in the Vidhan Sabha here today.

There has to be 25 per cent increase in the annual plan size every year to achieve the Rs 10,000 crore target in the next five years, he said. Laying stress on lowering the revenue deficit which stood at Rs 2190.60 crore, the minister said that he hoped that in the next two years he would be able to bring it down to zero.

Regarding committed expenses, the minister hoped that in the next two years he would get it down to 50 per cent of the revenue.

While the country was eyeing the nine per cent growth rate figure, Punjab's growth rate target was pegged at six per cent, he added.

Refering to the Opposition claim that the fiscal management of Punjab was better during Congress rule, the Finance Minister sought to point out that the opening balance when the SAD-BJP government took over in March was minus Rs 659.97 crore.

On the issue of the repayment of the huge debt incurred by Punjab during the period of insurgence in the state, the Minister categorically pointed out that the 12th Finance Commission had asked the central government to take a final decision on the outstanding amount that was to be repayed by the state. It was in 1997 that the then Chief Minister Parkash Singh Badal took up the loan issue with the then Prime Minister Inder Kumar Gujral and the process continued for the next 10 years, he said while giving due credit to all those who had put in their efforts to get a portion of the loan waived off.

MORE UNI