Punjab Finance Minister Manpreet Singh Badal Monday presented the state budget for 2019-20 with a total outlay of Rs 1,58,493 crore with no new taxes.
Focussing on agriculture, health, education, and rural and urban infrastructure, the budget proposed hikes in the range of 9-36 per cent in the allocation of funds for these sectors.
The total outstanding debt of the state has been projected at Rs 2,29,612 crore for 2019-20 as against Rs 2,12,276 crore for 2018-19 (revised estimates).
However, Badal blamed the previous Akali Dal-BJP government for its “irresponsible fiscal actions” for the accumulated debt.
Badal further informed the state assembly that as against the allowed net borrowing limit of Rs 17,335 crore for the financial year 2019-20, the debt servicing is a whopping Rs 30,309 crore.
The Finance Minister pegged the revenue deficit and fiscal deficit at Rs 11,687 crore (2.02 per cent of GSDP) and Rs 19,658 crore (3.40 per cent of GSDP) for 2019-20.
Among new announcements, Badal said a new policy ‘Make in Punjab’ was being drafted to promote goods manufactured and produced in the state. A new iconic sports complex will be set up at Jalandhar and old age homes will come up at Barnala and Mansa.
For farm debt waiver, Badal proposed an allocation of Rs 3,000 crore for the year 2019-20.
Choosing not to levy additional taxes in the budget, Badal hoped that the improved efficiency in tax compliance and administration and efficient delivery of public services would lead to economising on expenditure and close the gap.
The total revenue receipts have been estimated at Rs 78,510 crore for the next financial year as against Rs 70,399 crore for 2018-19.
The total receipts of the state have been pegged at Rs 1,54,170 crore, Badal said. Meanwhile, the budget speech saw disruption for some time as SAD-BJP legislators shouted slogans against state minister Navjot Singh Sidhu for his utterances following the Pulwama terror attack.
SAD-BJP MLAs raised slogans against him in the well of the house.
Despite the speaker urging them to go back to their benches, they refused to budge.
Later, the speaker “named” all the SAD-BJP legislators for disrupting the budget speech and adjourned the house for some time.