The Communist Party of India (Marxist) held a discussion on the current financial condition of the state here on Sunday.
The party said every man owed over `41,139 to different money lending agencies, including domestic and foreign banks, and the ratio was the highest in the country as compared to other state figures.
The CPM disclosed that the state government was paying above 39% of its income to repay either loan or pay the interests on the loans, but never bothered to check extravaganza on its ministers and MLAs and recent 40% increase in salary of the chief minister, ministers and MLAs along with hike in perks and allotment of luxury vehicles was highly condemnable act of the Congress-led state government.
The CPM had said the Congress had spent eight months in taking revenge and transfers of its employees on political recommendations and failed in procuring special financial aid to the state as promised by the Congress in its manifesto at the time of state assembly elections eight months ago.
The CPM had said according to the present figures of the financial status, the government was spending 32% on government employees' salaries, 13% on pension, 12% on repaying interest on the loan, more than 8% in repaying installments and only 36% of its overall income was spent on developmental works of the state.
The CPM said the government was cheating youth over providing employment, whereas due to worst financial status of the state, the government was providing jobs on contract basis by paying them less and exploiting youth over job promises.
The comrade said high public debt could adversely affect capital accumulation and growth via higher long-term interest rates, higher taxation policy, inflation and greater uncertainty over developmental schemes and uncertainty over income sources and lack of check over extravaganza over legislators could lead to a vulnerable situation where private operators would invest in the state and exploit resource and convert hill state into the industrial market.
The CPM said the government should ask the Congress-led UPA government to provide Himachal Pradesh a “special-state” status to meet out financial crunches and save the environment, culture, traditions and future prospectus of tourism of the state.