Former Punjab Congress Committee president Navjot Singh Sidhu launched a scathing attack on the Aam Aadmi Party (AAP) government in Punjab on Monday, accusing it of contributing to the state’s deteriorating financial health.
In a press conference at his residence, Sidhu alleged that it was the first time that the Punjab government had to take a ₹36,000-crore loan in a single year. “Going by this figure, Punjab will have a debt of ₹1.7 lakh crore by the end of this government’s tenure, which will ultimately have to be paid by over ₹3 crore Punjabis,” he said.
Sidhu attributed the mounting debt to the AAP government’s vote bank politics, noting that Punjab’s Debt-GDP ratio had reached 50%, exceeding the Reserve Bank of India’s recommended limit of 32%. He warned that if this ratio surpassed 60%, Punjab could face a financial crisis akin to that of Sri Lanka, potentially leaving citizens unable to afford basic necessities. “The people will not have money to even buy bread, if the financial situation of Punjab does not improve,” said Sidhu.
He also slammed the government for allocating a significant portion of Punjab’s revenue expenditure (nearly 77%) towards salaries, pensions, and interest on debt. “This is the reason, the AAP government in Punjab could not notify the old pension scheme even after two years of coming to power, which was a key poll promise,” said Sidhu, adding that the Punjab government’s inability to generate revenue from sectors such as liquor, mining, and cable networks was due to their control by government-backed mafias, exacerbating the state’s financial woes.
{{/usCountry}}He also slammed the government for allocating a significant portion of Punjab’s revenue expenditure (nearly 77%) towards salaries, pensions, and interest on debt. “This is the reason, the AAP government in Punjab could not notify the old pension scheme even after two years of coming to power, which was a key poll promise,” said Sidhu, adding that the Punjab government’s inability to generate revenue from sectors such as liquor, mining, and cable networks was due to their control by government-backed mafias, exacerbating the state’s financial woes.
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