Home News Bhagwant Mann Details How Punjab Used Rs 50,000 Crore Borrowed Funds In Letter To Governor Banwarilal Purohit

Bhagwant Mann Details How Punjab Used Rs 50,000 Crore Borrowed Funds In Letter To Governor Banwarilal Purohit

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Bhagwant Mann Details How Punjab Used Rs 50,000 Crore Borrowed Funds In Letter To Governor Banwarilal Purohit

Bhagwant Mann Details How Punjab Used Rs 50,000 Crore Borrowed Funds

Punjab excise collections have elevated by a whopping 37% prior to now monetary 12 months, Chief Minister Bhagwant Mann has informed Governor Banwarilal Purohit, detailing the sustained development in income below the AAP authorities.

Items and Companies Tax (GST) collections have elevated 16.6%, car tax assortment 13%, stamps and registration assortment 28%, Mr Mann mentioned in a letter to Mr Purohit on Tuesday.

The letter was in response to the Governor in search of particulars about of the utilisation of the Rs 50,000 crore funds the state authorities had borrowed.

From April 1, 2002 until August 31, 2023, Punjab’s debt elevated by 47,107 crore, the letter mentioned. A serious a part of that, Rs 27,016 crore, went in direction of curiosity reimbursement for inherited debt.

“Throughout my tenure as Chief Minister of Punjab, lingering points left behind by earlier governments had been dealt on precedence…We used each debt and our personal income sources to fund organisations/schemes ignored by my predecessors, utilised the brand new debt to create capital property and undertake improvement actions within the State,” Mr Mann mentioned.

On the similar time, employment was offered to over 36,000 youth within the state, he added.

Mr Mann requested the Governor to persuade the centre to launch the pending Rural Improvement Fund of Rs 5,637 crore and briefly cease debt repayments for not less than 5 years.

“This may present a lot wanted reduction to the strained monetary place of the State and would give some fiscal elbow room to your authorities to speed up the expansion of income and the tempo of improvement,” mentioned Mr Mann.

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