Congress seeks White Paper on Punjab’s financial situation

Congress seeks White Paper on Punjab’s financial situation

Reckless borrowing by AAP has pushed Punjab to bankruptcy : Warring

Chandigarh 5 March ( Ranjeet Singh Dhaliwal ) : Punjab Congress today demanded a White Paper on the state of finances in Punjab in view of the mounting debt that has crossed the Rs four lakh crores “redline” and is projected to reach Rs 4.17 crore by the end of this fiscal. "Reckless borrowing by the AAP government has brought Punjab on the brink of bankruptcy ", the party warned. 

Reacting to the mammoth debt burden that the AAP has incurred on the state, Punjab Congress president Amarinder Singh Raja Warring said while all previous governments during the last three decades have borrowed, the current government has borrowed it with wanton greed without caring for the future of the state.

He said, while the previous governments accumulated Rs 3 lakh crores debt in thirty years, the AAP added over Rs one lakh crores to the state debt in just four years and that too mostly for unproductive purposes. He pointed out, there was not a single infrastructure development project launched during the last four years.

Warring said this was quite contrary to the claims of fiscal prudence and revenue generation promised by the AAP leadership. Now the situation is such that the state government has to take out a loan to pay the interest on the existing loans. Noting that despite such a precarious financial situation in the state, he said, the AAP was splurging money on non-productive extravagance like advertisements, hoardings and banners and painting of the government assets. “Public money is not meant for political branding”, he remarked, while adding, “when the state is drowning in debt, every rupee should strengthen Punjab’s economy and institutions and not promote a party’s image”.