E-Paper
Budget session: Punjab government to table White Paper on state’s finances in assembly
The ‘White Paper’ on the state’s finances is an attempt to simplify the complex issues being faced by the Punjab government and clearly apprising the common man of the present situation inherited by the incumbent government
The Punjab Cabinet on Friday gave nod to the tabling of the White Paper on the finances of the state in the house during the current budget session of the Vidhan Sabha.
A spokesperson of the chief minister’s office said a decision to this effect was taken by the council of ministers during its meeting chaired by the chief minister Bhagwant Mann.
The spokesperson said the ‘White Paper’ on the state’s finances is an attempt to simplify the complex issues being faced by the Punjab government and clearly apprising the common man of the present situation inherited by the incumbent government.
This white paper primarily contains four chapters that bring out historic patterns and present status of financial indicators, debt position and financial health of the state PSUs. The White Paper will also comment upon the possible way forward for the resurgence of fiscal health of the state.
The Cabinet also cleared the tabling of the budget estimates for the year 2022-23 in the ongoing budget session of the Vidhan Sabha.
The Cabinet also accorded green signal for amending Section 4 in sub section 2 for clause (a) of the Punjab Fiscal Responsibility and Budget Management Act, 2003. This will help in availing the benefit of normal net borrowing ceiling of 3.5% of the projected gross state domestic product (GSDP), extra borrowing ceiling equivalent to contribution under national pension scheme (NPS), carrying forward its unutilised borrowing out of the borrowing ceiling allowed for the previous years and availing 50 year interest free loan under the scheme for special assistance to states for capital investment for 2022-23 during the current fiscal.
The Cabinet also cleared tabling CAG Audit Reports for the year 2018-19, 2019-20 and 2020-21, Performance Audit of Efficacy of Implementation of the Constitution (74th Amendment) Act 1992 (April 2015- March 2020), Performance Audit of Direct Benefit Transfer (Cash Transfer) (April 2017 to July 2020), Annual Technical Inspection Report on Panchayati Raj Institutions and Urban Local Bodies for a period from April 2016 to March 2019, Performance Audit of Outcomes of Higher Education in Punjab (April 2015 to March 2020) and Finance Accounts, Appropriation Accounts for the year 2019-20 and 2020-21 of Punjab government before Punjab Vidhan Sabha in the current session.
In order to give further fillip to industrial development in the state, the Punjab Cabinet gave nod for amending the Punjab Right to Business Rules, 2020 to include expansion by existing units under the purview of the Punjab Right to Business Act 2020.
A spokesperson of the chief minister’s office said that to promote Ease of Doing Business (EoDB) in the state, the Punjab Right to Business Act, 2020 was notified on February 6, 2020 and subsequently the Punjab Right to Business Rules, 2020 were also notified on July 29, 2020. These were applicable to the newly incorporated micro, small and medium enterprises (MSMEs) in Punjab. But the new amendment in the Punjab Right to Business Act, 2020 will provide an enabling ecosystem for self-declaration, exemptions; expedite approvals and inspections for existing MSMEs too, for expanding and operating in the state.
The Cabinet also accorded approval for creating 810 posts for subordinate courts of the state, including posts of 25 additional district and sessions judges and 80 civil judges (junior division) cum judicial magistrates, including posts of the supporting staff.
