Punjab cleared entire power subsidy bill of ₹20,200 cr: Mann
Addressing the media, the CM said the AAP government’s strenuous efforts have transformed Punjab from a “fiscal deficit” to a “fiscal profit” state, by registering a revenue of ₹8,841 crore for the financial year 2022-23, up by 41.41% from the revenue generated in FY 2021-22.
Chandigarh Punjab’s economy is back on track, chief minister Bhagwant Mann said on Friday, asserting that the Aam Aadmi Party (AAP) government has cleared its entire electricity subsidy bill of ₹20,200 crore for the last financial year and has witnessed a jump in excise and GST revenue,
Addressing the media, the CM said the AAP government’s strenuous efforts have transformed Punjab from a “fiscal deficit” to a “fiscal profit” state, by registering a revenue of ₹8,841 crore for the financial year 2022-23, up by 41.41% from the revenue generated in FY 2021-22.
“The state finances are on the right track, and we have to speed up now,” he said.
Asserting that his government has cleared the entire power subsidy bill of ₹20,200 crore for the last financial year, the CM said he will ensure uninterrupted power supply to the people.
“In 2022-23, which is the first year when the Punjab government paid the entire subsidy bill of ₹20,200 crore to the Punjab State Power Corporation Limited. Not even a single penny was pending towards the PSPCL,” he said, pointing out that the ₹20,200 crore amount comprised ₹9,063 crore for free electricity to the farm sector, ₹8,225 crore for domestic consumers, and ₹2,910 crore for subsidised power to industry.
The government has also agreed to pay the legacy amount of ₹9,020 crore to PSPCL in five instalments, and has already released the first instalment of ₹1,804 crore along with interest of ₹663 crore, he added.
On revenue generation, Mann said that though his government launched the excise policy three months after he took charge of the state, Punjab has registered a revenue of ₹8,841 crore for the financial year 2022-23 with an increase of 41.41% over the revenue collection in the previous fiscal. The government has set an excise revenue target of ₹9,754 crore for the current financial year, he said, hitting out at the previous governments for allowing “liquor mafia” in the state.
He further lauded the massive increase in the state’s GST collection. “Punjab was earlier the worst performing state in GST collection but now with a jump of 16.6% it is one of the top performing states in the country,” he said, putting the GST collection at ₹18,126 crore in 2022-23 as compared to ₹15,542 crore in previous year.
Mann said the state has registered a rise of 78% in stamp duty and fee collection in March. The government had earlier announced an exemption of 2.25% on stamp duty and fees on registration of properties.
Replying to a question on radical preacher Amritpal Singh, who has been on the run since March 18 when Punjab Police launched a crackdown against him and his aides, Mann said, “When any development comes, we will let you know.”
To a query on crop damage because of rains, Mann said 60% girdawari (field inspection) to assess the loss is complete and also said the compensation will be given to affected farmers. The distribution of compensation will start from Baisakhi, he said.