Fund-starved Punjabi varsity to pass ₹206 crore deficit budget

In the ongoing financial year, Punjabi University’s deficit is estimated at ₹129, while in 2020-21, it was ₹296 crore

The cash-strapped Punjabi university is going to pass ₹206 crore deficit annual budget for the next fiscal year on March 29 amid worsening financial woes driven by a widening gap between its income and expenditure.

The cash-strapped Punjabi university is going to pass ₹206 crore deficit annual budget for the next fiscal on March 29 amid worsening financial woes driven by a widening gap between its income and expenditure.

In the ongoing financial year, the varsity deficit is estimated at ₹129, while in 2020-21, the varsity had recorded a deficit of ₹296 crore.

As per 2022-23 budgetary proposal, the university’s estimated expenditure is ₹548 crore, while its expected income is ₹342 crore, mainly from few collections and government grant.

“We have already passed budgetary proposals in finance committee meeting. It will be tabled in syndicate meeting on Tuesday for final approval,” said Prof Arvind, varsity vice-chancellor.

Varsity VC Prof Arvind said the university management is going to take up in April the matter of ₹320 crore bailout package announced by former chief minister Charanjit Singh Channi.

“We are letting newly inducted ministers to settle down before pitching for announced funds,” he said.

During their visit to the campus on November 24, Channi and former finance minister Manpreet Badal had announced that the state government will clear the ₹150-crore debt of the varsity in one go and double the annual grant from ₹120 crore to ₹240 crore.

The varsity authorities had written to the previous Congress government to release the required funds at the earliest but it got stalled due to implementation of model code of conduct for the Feb 20 assembly elections.