punjab cabinet approves presentation of white paper on state finances during budget session

Tribune News Service

Chandigarh, June 24

The Punjab Cabinet led by Chief Minister Bhagwant Mann on Friday approved the introduction of the White Paper on State Finances in the House during the ongoing session of the Legislative Assembly.

Giving information, a spokesperson of the Chief Minister’s Office said that a decision to this effect was taken in a meeting held under the chairmanship of the Chief Minister at Punjab Civil Secretariat-1 here.

The spokesperson said that the ‘White Paper’ on the state’s finances is an attempt to simplify the complex issues being faced by the Punjab Government and to make the common man clearly aware of the present situation inherited by the present Government. This white paper mainly consists of four chapters which bring out the historical patterns and current status of financial indicators, debt position and financial position of State PSUs. The white paper will also comment on a possible way forward for the revival of the fiscal health of the state.

The cabinet also approved the presentation of the budget estimates for the year 2022-23 in the current budget session of the assembly. The Budget Estimates have been carefully prepared after due consultation with all stakeholders including general citizens and others who have given their suggestions through emails, letters and direct communication.

All relevant fiscal indicators such as revenue receipts, capital receipts, revenue expenditure, capital expenditure, revenue deficit, fiscal deficit and outstanding debt have been included in the budget proposals.

The cabinet also gave green signal for amendment of section 4 in sub-section 2 to clause (a) of the Punjab Fiscal Responsibility and Budget Management Act, 2003. This will help in availing the normal net borrowing limit of 3.5% of the estimated gross. State Domestic Product (GSDP), additional borrowing limit equal to contribution under National Pension Scheme (NPS), carrying forward its unutilized borrowings from the permitted borrowing limit for previous years and 50 years interest under the scheme for special assistance to States To get free loan for capital investment for 2022-23 during the current financial year.

The cabinet also approved the performance audit of the CAG audit report for the years 2018-19, 2019-20 and 2020-21, performance audit of the implementation of the Constitution (74th Amendment) Act 1992 (April 2015- March 2020), direct . Benefit Transfer (Cash Transfer) (April 2017 to July 2020), Annual Technical Inspection Report on Panchayati Raj Institutions and Urban Local Bodies for the period April 2016 to March 2019, Performance Audit of Higher Education Outcomes in Punjab (April 2015 to March) 2020) and the Finance Accounts, Appropriation Accounts for the years 2019-20 and 2020-21 of the Government of Punjab before the Punjab Legislative Assembly in the current session.