Budget is more of a political than a financial statement, Capt Amarinder

by Punjabnewswire4u (Balbir)

CHANDIGARH, JUNE 20

 Punjab Pradesh Congress Committee President Capt Amarinder Singh today said that the state budget presented by the Finance Minister Parminder Singh Dhindsa was more of a political than a financial statement which concealed more than it revealed. “This budget has a hidden taxation agenda which this government will reveal very soon”, he remarked.

In his preliminary reaction to the FM’s budget speech Capt Amarinder said, the budget has only betrayed the inefficiency of this government which has less revenue and more expenditure. He pointed out, against a total revenue of Rs 38043 crores, the expenditure was Rs 41166 crores with a revenue deficit of Rs 3123 crores and no provision for bridging the gap.

The PCC President expressed his doubts whether the government was really not imposing any taxes. He disclosed that the state government had presented the so called “tax free” budget in the assembly only to impose various taxes later. He predicted that the government will go for punitive taxation after the Dasuya bye-election which amounts to fraud with the people.

The former Chief Minister reiterated his concern about the mounting debt which has already touched Rs 78, 236 crores as on March 31, 2012 and is estimated to be Rs 87518 crores by the end of this fiscal. He said, this was financially an alarming situation and the state was headed towards bankruptcy only.

He asked the government as what has happened to its power dreams with virtually no money allocated for the power sector except for the routine subsidy. “Will this government explain as how it plans to provide round the clock electricity within two years as it has not allocated a single penny for power projects?” he asked, while adding all the investments in power being claimed by the government are being made by the private sector with no commitment of providing power to Punjab.

Capt Amarinder said, it is shocking that the state government is not able to meet even its day to day expenses and has run into deficit without investing into infrastructure or welfare measures. He pointed out, the government should at least be able to meet is basic expenses like the salaries, pensions, subsidy and interests and should not have to borrow for these.

“If we have to borrow money for paying salaries and interest we can well imagine what is the state of economy of Punjab”, he observed, while blaming the Akali-BJP government for the perpetual economic and financial mismanagement.