Finance Minister Parminder Singh Dhindsa Wednesday compared state’s fiscal parameters with those of other states and the country to claim that Punjab was bettering even the targets set by the Thirteenth Finance Commission.
This when the budget for 2013-14 that he presented in the Vidhan Sabha pegged state’s outstanding debt at Rs 1,02,282 crore by the end of the year. The state also plans to borrow another Rs 9,261 crore to service its debt and mounting revenue expenditure.
“In spite of adverse circumstances, the state has been able to follow prudent debt management policy. The ratio of outstanding debt to GSDP would be 33.13 per cent with reserve funds,” Dhindsa said.
Stating that outstanding debt is not unique to Punjab, Dhindsa, during his budget speech, attributed it to long years of militancy, tax concessions to neighbouring states, rising commitment of state to welfare of poor and inadequate support from the Centre.
Citing names of Gujarat, Maharashtra, Haryana, Tamil Nadu and Karnataka —- the states he said had very high debts