Punjab budget: State’s economy will be back on track in 2-3 years, says Manpreet - Hindustan Times
close_game
close_game

Punjab budget: State’s economy will be back on track in 2-3 years, says Manpreet

Hindustan Times, Chandigarh | ByHT Correspondent
Mar 25, 2018 12:02 AM IST

Punjab finance minister Manpreet Singh Badal is hopeful regarding state’s finances and describes it as ‘work in progress’

Punjab finance minister Manpreet Singh Badal on Saturday said his government was focused on fiscal consolidation and would put the state’s economy back on rails in the next two-three years.

Punjab finance minister Manpreet Singh Badal presenting annual budget at state assembly in Chandigarh on Saturday.(Keshav Singh/HT)
Punjab finance minister Manpreet Singh Badal presenting annual budget at state assembly in Chandigarh on Saturday.(Keshav Singh/HT)

“We are hopeful of a turnaround in the state’s finances. If you ask me to describe it today, I will say it is a work in progress,” he told reporters at his customary press conference after presenting the second budget of the Congress government in the state.

Hindustan Times - your fastest source for breaking news! Read now.

Asked about the proposed development tax of 200 per month on income tax payers in the state, Manpreet said the government would get anything between 150 to 200 crore. “Also, this one step will give us access to cheaper loans from lending institutions like Asian Development Bank and help us save substantially on interest,” he said.

Defending the move, he said this tax would come out to be less than 7 per day. “If a group of four people sit together for a cup of tea, the bill comes to 200,” he reasoned.

On the shortfall in his revenue estimates for the current financial year, Manpreet said revenue collection from transport sector and stamp duty did not match the initial estimates. As for budget estimates for 2018-19, he said out of the state’s own tax revenue of 41,064 crore, 21,440 crore would come from the Goods and Services Tax (GST).

Responding to a question about Congress’ poll promise of farm debt waiver, the finance minister said the government was committed to waiving farm debt. “An allocation of 4,250 crore in 2018-19 has been made. If more funds are needed, we will provide the same,” he added.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, March 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On